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April 11 (Reuters) – Private equity firm Thoma Bravo will get SailPoint Systems (SAIL.N) for $6.12 billion, the cybersecurity company claimed on Monday, in the newest offer that underscores the heightened interest in the security program market.
In obtaining Austin, Texas-based SailPoint, Thoma Bravo will bolster its power in the security-focused area, exactly where it previously has vital investments in firms together with Proofpoint Inc, Barracuda Networks and Sophos.
Shares of SailPoint, founded in 2005, closed at $64.05 on Monday, a 29% jump from Friday.
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Cybersecurity has been a sizzling sector for buyouts thanks to a COVID-19 pandemic-led change to remote doing work as properly as the Russian invasion of Ukraine that has led to a spike in cyberattacks. Datto, a security options company, has also been taken personal in a $6.2 billion offer by buyers led by Perception Companions on Monday.
Thoma Bravo, which manages additional than $103 billion in property, was the the greater part stakeholder in SailPoint prior to its first general public offering in 2017. It exited from its posture by the conclude of 2018.
SailPoint shareholders will obtain $65.25 for each share in income, the business mentioned on Monday, representing a premium of 31.6% as of Friday near. Together with financial debt, the deal is valued at about $6.9 billion.
Resources said the deal could help SailPoint accelerate its transition to a application as a assistance (SaaS) design with out the scrutiny of becoming a community business, and fund opportunity transformative acquisitions with the dry powder from Thoma Broavo.
SailPoint’s Chief Executive Officer Mark McClain claimed the go-private offer, anticipated to close in the next half of this year, would allow the enterprise to pursue lengthy-term advancement with increased overall flexibility and develop their marketplaces on the back of additional capital from the non-public fairness agency.
“We are about 10% penetrated in our concentrate on market. We have a good deal of room to increase in phrases of what we add to our portfolio,” McClain mentioned.
SailPoint specializes in program related to id and access administration that assists firms mitigate unwanted consumer obtain and minimize the possibility of delicate information leakage. SailPoint shares experienced shed about 9.2% in 2021.
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Reporting by Eva Mathews in Bengaluru Editing by Shailesh Kuber and Will Dunham
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