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A British manufacturer of cybersecurity products is to be bought by American private equity firm Thoma Bravo for $3.8bn.
Thoma Bravo, which raised billions for its latest private equity fund this year, bought Imperva and another cybersecurity firm, Veracode, in late 2018. In a buyout deal announced earlier today, Thoma Bravo said that it will be adding Sophos Group to its fast-growing cybersecurity portfolio.
Thomas Bravo must take care of that. The new owner immediately announces that he wants to significantly reduce the costs. The official statement states that 'Sophos is implementing the reorganization in response to the changes in the market due to Covid-19 and to accelerate the transition to the next-gen product portfolio, with advanced cloud. Portfolio Company Spotlight features Sophos, a leader in next-generation cybersecurity.Sophos has more than 400,000 customers in more than 150 countries, and since the start of COVID-19, the company has been helping businesses securely transition to virtual, work-from-home environments. And SAN FRANCISCO— Sophos, a global leader in next-generation cybersecurity, today announced the completion of its acquisition by Thoma Bravo, a leading private equity firm focused on the software and technology-enabled services sectors, in a cash transaction that values Sophos at approximately $3.9 billion. 14, 2019 – Sophos, a global leader in cloud-enabled next-generation cybersecurity, today announced that Thoma Bravo, a US-based private equity firm, has made an offer to acquire Sophos (LSE: SOPHOS) for $7.40 USD per share, representing an enterprise value of approximately $3.9 billion. Completion of Thoma Bravo's $3.9 billion Sophos acquisition is imminent, according to a source with knowledge of the situation, though neither company has officially announced the closing of the deal.
Sophos manufactures antivirus and encryption products for an impressive list of customers that includes Under Armour Inc, Ford Motor Co., and Toshiba Corp.
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Thoma Bravo already owns Sophos' close competitor Barracuda Networks, which made a name for itself managing data security over the cloud.
Shares in Sophos were listed at 225 pence per share in 2015, but since then they have more than doubled to the 583 pence per share closing price recorded on Friday, October 11.
In a statement released today, Sophos CEO Kris Hagerman said: 'Sophos is actively driving the transition in next-generation cybersecurity solutions, leveraging advanced capabilities in cloud, machine learning, APIs, automation, managed threat response, and more. We continue to execute a highly effective and differentiated strategy, and we see this offer as a compelling validation of Sophos, its position in the industry and its progress.'
Hagerman told news organization Reuters that his company was first approached by Thoma Bravo in June of this year.
'The (Sophos) board ultimately concluded that this offer and the acquisition can accelerate Sophos' progress in next-generation cybersecurity,' Hagerman said.
Thoma Bravo is a leading private equity firm focused on the software and technology-enabled services sector with more than $35bn in investor commitments. With a 40-year history, Thoma Bravo has acquired more than 200 software and technology companies representing more than $50bn of value.
In a statement released on Monday, Seth Boro, managing partner at Thoma Bravo, said: 'The Acquisition fits with our strategy of investing in and growing software and technology businesses globally.
'The global cybersecurity market is evolving rapidly, driven by significant technological innovation, as cyber threats to business increase in scope and complexity. Sophos has a market-leading product portfolio and we believe that, by applying Thoma Bravo's expertise, operational framework and experience, we can support the business and accelerate its evolution and growth.'
[German]UK security vendor Sophos has been (finally) acquired by US private equity investor group Thomas Bravo for the price of $3.9 billion. Sophos xg 115w. That has been announced recently.
Information about these plans became public in October 2019 (see my German blog post Sophos wird an Investment-Firma Thoma Bravo verkauft). Now I think that’s done, as I read yesterday on my news aggregators, which I use as sources. The announcement from Sophos can be found here.
Today, following the completion of the take-private acquisition by Thoma Bravo, Sophos begins an exciting new chapter of continued growth, success, and industry leadership. As a private company, Sophos intends to further accelerate our mission to protect people from cybercrime by developing powerful and intuitive products and services that provide the world’s most effective cybersecurity for organizations of any size.
We’re starting strong: our next-gen product portfolio, all managed in our Sophos Central cloud-management platform, now comprises over 60% of our total company billings and is growing 44% year-over-year (YOY).
Just last month we launched our most significant network security technology ever, Sophos XG Firewall v18 with the Xstream Architecture. We are seeing substantial growth not only in network security, but across our entire next-gen product line from endpoint and server security, to mobile, email, and cloud security. Our new Managed Threat Response (MTR) service launched last October has seen rapid adoption, and now protects hundreds of customers around the world with advanced, 24×7 threat detection and response.
On the go-to-market front, our channel has never been stronger, and we continue to post dramatic results in our Managed Service Provider (MSP) business, which is a strategic priority and is growing at over 75% YOY. Sophos continues to drive market-leading innovation, and we are filling the cybersecurity void left by fading, less-nimble, and less-evolved vendors.
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Sophos is now moving towards the cloud, also with the help of Thoma Bravo. But I’m wondering what Thoma Bravo has in stock with Sophos. I just remind my yesterday article Symantec acquisition by Broadcom ends in license/support chaos. Any opinions on the Sophos takeover?
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