NEW YORK: Personal fairness agency Thoma Bravo will purchase SailPoint Applied sciences for US$6.12bil (RM25.9bil), the cybersecurity agency mentioned on Monday, within the newest deal that underscores the heightened curiosity within the safety software program market.
In shopping for Austin, Texas-based SailPoint, Thoma Bravo will bolster its power within the security-focused area, the place it already has key investments in companies together with Proofpoint Inc, Barracuda Networks and Sophos.
Shares of SailPoint, based in 2005, closed at US$64.05 (RM272) on Monday, a 29% leap from Friday. Cybersecurity has been a scorching sector for buyouts due to a Covid-19 pandemic-led shift to distant working in addition to the Russian invasion of Ukraine that has led to a spike in cyberattacks.
Datto, a safety options supplier, has additionally been taken personal in a US$6.2bil (RM26.25bil) deal by buyers led by Perception Companions on Monday.
Thoma Bravo, which manages greater than US$103bil (RM436bil) in property, was the bulk stakeholder in SailPoint previous to its preliminary public providing in 2017. It exited from its place by the tip of 2018.
SailPoint shareholders will obtain US$65.25 (RM276) per share in money, the corporate mentioned on Monday, representing a premium of 31.6% as of Friday shut.
Together with debt, the deal is valued at about US$6.9bil (RM29.2bil).
Sources mentioned the deal may assist SailPoint speed up its transition to a software program as a service (SaaS) mannequin with out the scrutiny of being a public firm, and fund potential transformative acquisitions with the dry powder from Thoma Broavo.
SailPoint’s chief govt officer Mark McClain mentioned the go-private deal, anticipated to shut within the second half of this 12 months, would permit the corporate to pursue long-term development with higher flexibility and broaden their markets on the again of further capital from the personal fairness agency.
“We’re about 10% penetrated in our goal market. We’ve a whole lot of room to develop when it comes to what we add to our portfolio,” McClain mentioned.
SailPoint makes a speciality of software program associated to identification and entry administration that helps companies mitigate undesirable person entry and cut back the danger of delicate knowledge leakage.
SailPoint shares had misplaced about 9.2% in 2021. — Reuters