Sophos de-listed to embark on new data security strategy with private equity cash
The British firm has now been released into the wild after a minor blip over finance regulations was overcome.
Cyberscurity services firm Sophos has seen its acquisition by private equity firm Thoma Bravo completed, in a cash transaction worth around $3.9bn.
The deal was announced in mid-October, and there was a recent delay to completion as the UK subsidiary’s “cycle to work” employee bike financing scheme had not been registered properly with the UK financial watchdog. That bump in the road has now been flattened.
Under the terms of the acquisition agreement, Sophos stockholders receive $7.40 per share. The price per share represents a 168% premium to its IPO share price in June 2015. Stockholders voted to approve the transaction last December.
With the completion of the acquisition, Sophos’ common stock has ceased trading on the London Stock Exchange.
“Sophos is excited to work with Thoma Bravo as we begin our next chapter of growth and success, continuing in our mission to deliver the world’s most effective next-generation cybersecurity technology,” said Kris Hagerman, CEO of Sophos.
He said: “Our transition to become a fully next-gen cybersecurity leader continues to rapidly progress. Last quarter, our next-gen product portfolio represented over 60% of our entire business, and grew 44% year-over-year.”
Sophos partners with more than 53,000 resellers and managed service providers globally to protect more than 420,000 organisations and 100m users from cyber threats.
Seth Boro, a managing partner at Thoma Bravo, said: “Sophos has been constantly raising the bar with its industry-leading synchronised security, advanced deep learning technology and rapid growth within the MSP (managed service provider) channel.
“We will partner with Sophos to help build upon their success as they further drive innovation in cybersecurity.”