DENVER , August 3, 2022 / PRNewswire / -- Ping Identity (NYSE: PING), provider of the Intelligent Identity solution for the enterprise, today announced that it has entered into a definitive agreement to be acquired by Thoma Bravo, a leading software investment firm, for $28.50 per share in an all-cash transaction valued at an Enterprise Value . Leveraging the firms deep sector expertise and proven strategic and operational capabilities, Thoma Bravo collaborates with its portfolio companies to implement operating best practices, drive growth initiatives and make accretive acquisitions intended to accelerate revenue and earnings. Thoma Bravo, a private equity firm, has agreed to purchase Proofpoint for $12.3 billion in the biggest cybersecurity acquisition of all time. Proofpoint common stock has ceased trading and is no longer listed on the Nasdaq stock exchange. Stand out and make a difference at one of the world's leading cybersecurity companies. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements and caution must be exercised in relying on forward-looking statements. View in Appclose +1 to the person above who said they actively avoid companies owned by private equity firms. Small Business Solutions for channel partners and MSPs. See Also . Browse our webinar library to learn about the latest threats, trends and issues in cybersecurity. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on Proofpoints financial condition, results of operations, or liquidity. Proofpoint after Thoma Bravo acquisition - Blind How is proofpoint doing after the acquisition in terms of:CompensationWLBCompany cultureAttritionLayoffsTB leadership and managementDo you guys still fear of layoffs?#tech #software #layoffs #thomabravo#anaplan Main menu Contents Want to see the real deal? Over the past 20 years, the firm has acquired more than 325 companies representing over $100 billion in enterprise value. This list of organizations invested in by Thoma Bravo provides data on their funding history, investment activities, and acquisition trends. Upon completion of the acquisition, Proofpoint stockholders were entitled to receive $176.00 in cash for each share of Proofpoint common stock they own. But lots can change from now til close, so Im curious whether this will *actually* happen or end up getting replaced with some sort of synthetic stock options. While the list of factors presented here is, and the list of factors presented in the proxy statement is, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. But attrition has been all time high, and then they put hiring freeze. Finally, on July 15, 2020, the two parties came to an agreement with a new deal worth about $1.67 billion. February . Proofpoint is a trademark or registered trademark of Proofpoint, Inc. in the U.S. and other countries. Manage risk and data retention needs with a modern compliance and archiving solution. Proofpoint, backed by Thoma Bravo, made an offer for Mimecast that was 16% higher than the Permira agreement, but Proofpoint declined the higher offer inquiry amid antitrust concerns, Reuters said. Thoma Bravo recently purchased SailPoint for a second time for $6.9 billion. Proofpoint and medallia employees what has been your experience post the Thoma Bravo acquisition? The cybersecurity company Proofpoint said it has agreed to be acquired by the private -equity firm Thoma Bravo for $12.3 billion in cash, or about $176 a share, up about 34% from Friday's . The US buyout. SUNNYVALE, Calif. and SAN FRANCISCO, Aug. 31, 2021 (GLOBE NEWSWIRE) -- Thoma Bravo, a leading software investment firm, and Proofpoint, Inc. ("Proofpoint), a leading cybersecurity and. RealPage It was great until Thoma Bravo Glassdoor, Dynatrace Employee Reviews about thoma bravo Glassdoor, My company has been acquired by Thoma Bravo. Proofpoint is a leading cybersecurity company that protects organizations' greatest assets and biggest risks: their people. Other times, its layoffs. Revenue was $287.8 million, up 15 percent compared to Q1 of 2020. All forward-looking statements by their nature address matters that involve risks and uncertainties, many of which are beyond our control, and are not guarantees of future results, such as statements about the anticipated benefits of the transaction. Only sales will continue to hire. Richard Stiennon is the author of Security Yearbook 2021: A History and Directory of the IT Security Industry. This is followed by high rates of attrition by disrespecting the talented staff that stay and moving any new engineering jobs to offshore vendors. The proceeds along with sponsor equity from Thoma Bravo will be used for Thoma Bravo's acquisition of . The private equity firm has more than $103 billion in assets , https://news.crunchbase.com/cybersecurity/cybersecurity-abnormal-unicorn-proofpoint-insight-partners/, May 10, 2022 equity giant Thoma Bravo bought publicly traded Proofpoint for $12.3 billion. Gary Steele, Chairman and CEO of Proofpoint, said, We are excited about this next chapter in our companys journey. Overview of Thoma Bravo's Acquisitions All Acquisitions : 63 [View Details] Latest Acquisitions : However, our CEO will be leaving in April 2022 on his own, which is bad for us. Todays cyber attacks target people. Get deeper insight with on-call, personalized assistance from our expert team. That's the current leader for largest cybersecurity acquisition of all time. Access the full range of Proofpoint support services. Russia-Ukraine War: Cybersecurity Lessons for Tech Pros, Proofpoints 2023 State of the Phish Report: Threat Actors Double Down on Emerging and Tried-and-Tested Tactics to Outwit Employees, Proofpoint Offers More Simplicity with New Element Partner Program, Intelligent Classification and Protection, Managed Services for Security Awareness Training, Managed Services for Information Protection. Looking back on the last two years, it is apparent that cybersecurity is viewed as hot by private equity firms. How Does a Data Breach Take Place in an Organization? Raytheon continued acquiring technologies, including both Stonesoft and Sidewinder, network firewalls that ended up in the hands of Intel after they acquired McAfee, which had, in turn, acquired them when they bought Secure Computing. Thoma Bravo has agreed to spend around $12.3 billion on the acquisition. Sophos, Go to company page The long-term problem for Proofpoint and now, Thoma Bravo is that its biggest competitor is a little company in Redmond called Microsoft. Did TB make any promises to Proofpoint that they reneged on? RSA Security grew slightly during the first three quarters of 2020, from 3,161 to 3,172 employees. Andy MacMillan, CEO, UserTesting, poses for a portrait at the UserTesting headquarters in San Francisco, California on . Learn about the latest security threats and how to protect your people, data, and brand. Heres what happens when Thoma Bravo buys your company including what could potentially be planned for recent acquisition Ping Identity. Bonuses will be paid af 100%, Did you guys meet sales target? It was then called Raytheon|Websense. Was given phantom equity grant that vests at liquidity eventall employees could also join a co-invest program to buy equity on the same terms as TB. Copyright 2023 Market Realist. These and other forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Customers end up with less support for the products they purchased. Thoma Bravo, the private equity firm that completed the acquisition in March, had other plans as reported at IBL News on January 26th [emphasis in original]. I feel bad for the people. At the time, Forescout had 1,133 employees. Important risk factors that may cause such a difference include, but are not limited to: (i) the impact of the COVID-19 pandemic on Proofpoints business and general economic conditions; (ii) Proofpoints ability to implement its business strategy; (iii) potential litigation relating to the transaction; (iv) the risk that disruptions from the transaction will harm Proofpoints business, including current plans and operations; (v) the ability of Proofpoint to retain and hire key personnel; (vi) potential adverse reactions or changes to business relationships resulting from the completion of the transaction; (vii) legislative, regulatory and economic developments affecting Proofpoints business; (viii) general economic and market developments and conditions; (ix) the evolving legal, regulatory and tax regimes under which Proofpoint operates; and (x) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism or outbreak of war or hostilities, as well as Proofpoints response to any of the aforementioned factors. When private equity shows up to a deal, it usually spells disaster for everyone but the investors. However, Thoma Bravo is unique due to its intense focus on the software space (and, more specifically, cybersecurity). 2/ That Thoma Bravo is the suitor is likely no coincidence; they're set to also acquire fellow identity security company SailPoint in the second half of 2022.Betting they combine $PING and $SAIL then bring them public as a bigger, stronger business down the road. No layoffs except ~100 in commercial sales which isnt a priority for TB. All other trademarks contained herein are the property of their respective owners. Thoma Bravo recently acquired Realpage and more than 10% was laid off during the 1st round, a 2nd round just laid off 600 more people. About Thoma BravoThoma Bravo is one of the largest private equity firms in the world, with more than $83 billion in assets under management as of June 30, 2021. More information is available at www.proofpoint.com. Thoma Bravo is a leading private equity firm that focuses on software and technology. UserTesting Inc. to lay off 63 as result of $1.3B acquisition, merger. SUNNYVALE, Calif. and SAN FRANCISCO, Aug. 31, 2021 (GLOBE NEWSWIRE) -- Thoma Bravo, a leading software investment firm, and Proofpoint, Inc. ("Proofpoint), a leading cybersecurity and. Shargo: Not completely random, but reasonable behind the decided price for the equity isnt perfect. Thoma Bravo Lacks Options with Proofpoint, Apr 28, 2021 Employees are faced with layoffs , years of stalled product innovation and the imposition of cost-saving measures. Disarm BEC, phishing, ransomware, supply chain threats and more. SailPoint wasn't even their largest cybersecurity acquisition by a long shot. It also acquired SurfControl and Defensio. Thoma Bravo post acquisition experiences? Cautionary Note Regarding Forward-Looking Statements. Thoma Bravo, the private equity firm that completed the acquisition in March, had other plans as reported at IBL News on January 26th [emphasis in original]. Monthly WordPress Security Roundup [April 2021], US Marshals Ransomware Hack is Major Incident, Orca Security Adds Data Security Capabilities to Cloud Platform, Top 10 Open Source Software Risks of 2023, NIST Shores Up CSF 2.0 With Supply Chain, Governance Reforms, White House Bans TikTok on Federal Devices, Multi-Year Spearphishing Campaign Targets the Maritime Industry Likely for Financial Gain, GitHub Restore and Disaster Recovery Better Get Ready, Bizarre DNS Hacks For Fun And, Um, Fun. Sometimes, CEO and other executive replacements occur. Thoma Bravo's investment in Intel 471 sees the private equity firm continue its cybersecurity investing spending-spree. Learn about the benefits of becoming a Proofpoint Extraction Partner. U.S. private equity giant Thoma Bravo is acquiring SailPoint in an all-cash deal worth about $6.9 billion, the cybersecurity company announced Monday. 4 days ago Equity is a TechCrunch podcast about the business of startups, where we unpack the numbers and nuance behind the headlines. May 17, 2019, 5:22 p.m. EDT 1 Min Read. The firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Market Realist is a registered trademark. Last week, Instructure, home of Canvas LMS, went through a restructuring process which resulted in 100 full-time employees losing their jobs. Layoffs : Downsizing related discussion, postings, questions and answers. Can I Be Laid Off While On Workers Compensation? I recorded them in Security Yearbook 2021. . PING stock, which went public in September 2019, had lost 11.19 percent of its total value by the end of July. Gary Steele, Chairman and CEO of Proofpoint, said, We are excited about this next chapter in our companys journey. However, one thing is clear: Changes are yet to come. Significant , https://www.teamblind.com/post/proofpointmedallia-outcome-of-thoma-bravo-purchase-YdfZ7Lkk, Mar 22, 2022 Fortunately, no layoffs , no reduction in force as of now. SUNNYVALE, Calif. and SAN FRANCISCO, Aug. 31, 2021 (GLOBE NEWSWIRE) -- Thoma Bravo, a leading software investment firm, and Proofpoint, Inc. ("Proofpoint), a leading cybersecurity and compliance company, today announced the completion of Thoma Bravo's acquisition of Proofpoint for approximately $12.3 billion in cash. Medallia, Go to company page Thoma Bravo, the software-focused buyout firm, agreed to acquire cybersecurity and compliance firm Proofpoint Inc. in a deal it said values the business at about $12.3 billion. The company has spent over $ 97.92B for the acquisitions. Learn about the human side of cybersecurity. Meanwhile, Finjan Holdings maintained ownership of Finjans patent portfolio. CEO left because of frustrations with TB folks, talks of cost cuts, not laying off yet, but TB history got former CEO worried. The answer depends on the size of the company, how long the , https://www.glassdoor.com/Reviews/Employee-Review-RealPage-RVW47308194.htm, May 22, 2021 After the Thoma Bravo merger: the first wave of layoffs has already occurred and it looks like another wave is occurring. Proofpoint We are under hiring pause till end of q1 23. Last year, it bought ProofPoint for $12.3 billion. Thoma Bravo is n van de grootste software-investeerders ter wereld, met meer dan $120 miljard aan beheerd vermogen (per 30 september 2022). I know that my team has be reduced by 70% because everyone left. Mimecast Email Security Business Background, Challenges For more information, visit thomabravo.com. Before the transaction was completed in September 2020, RSA transferred ownership of the core BSAFE libraries to Dell, along with the associated customer contracts. Did they affect (positively or negatively)your culture or day to day operations? Proofpoint is well positioned to benefit from Thoma Bravos significant experience investing in software companies and overall approach to value creation. This model was successful enough for the company to go public in 2013. The pair began to move Dynatrace from selling database. Thoma Bravo used $675 million in cash and raised $1.8 billion in debt to buy Compuware and then split off Dynatrace as a separate company. Defend your data from careless, compromised and malicious users. Help your employees identify, resist and report attacks before the damage is done. The acquisition was previously announced on April 26, 2021, and Proofpoints stockholders approved the transaction at the Special Meeting of Shareholders held on July 23, 2021. I probably stayed too long but I rose to a senior leadership level due to attrition, re-orgs, and knowing my shit and was able to move to a senior role at a fast growing public company that wouldnt have been possible otherwise. Can You Get Laid Off While On Maternity Leave, Can Laid Off Union Workers Collect Unemployment, How Long Does Insurance Last After Being Laid Off. Interestingly, Thoma Bravo was allegedly thinking about buying Twitter before Elon Musk announced he would buy it for $44 billion (a deal that Musk has subsequently attempted to back out of). Eng, Compensation has been poor, attrition is sky high, wlb is non existent. Proofpoint does not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. How were *unvested* RSUs handled? It was formed when Raytheon, the defense contractor, attempted to move into the cybersecurity realm by acquiring Websense. Forcepoint journey has taken a long and winding road. Can You Get Laid Off While On Maternity Leave, Can Laid Off Union Workers Collect Unemployment, How Long Does Insurance Last After Being Laid Off. Can You Get Laid Off While On Maternity Leave, Can Laid Off Union Workers Collect Unemployment, How Long Does Insurance Last After Being Laid Off. However , https://www.proofpoint.com/us/blog/insider-threat-management/great-resignation-increasing-risk-data-loss-what-you-can-do-stop-it, Jun 28, 2022 And even as employees in the tech sector are affected by recent layoffs , the implication is the same: employee turnover puts sensitive data , https://news.crunchbase.com/cybersecurity/cybersecurity-abnormal-unicorn-proofpoint-insight-partners/, May 10, 2022 Proofpoint was founded as an email security solution, and while it added additional capabilities through the years it was still closely , https://www.indeed.com/cmp/Proofpoint/reviews. Learn about this growing threat and stop attacks by securing todays top ransomware vector: email. Fortunately, no layoffs, no reduction in force as of now. The cuts amount to less than 1% of Citigroup's . You can see why Thoma Bravo thought Proofpoint was undervalued and worth paying a 60% premium to the market for its shares. The Rating Outlook is Stable. Under the terms of the all-cash agreement, Proofpoint shareholders will receive $176 per share. In 2019, Bravo became the first billionaire born in Puerto Rico. Transaction Is Expected to Close in Third Quarter of 2021SUNNYVALE, Calif., June 10, 2021 (GLOBE NEWSWIRE) -- Proofpoint, Inc. (NASDAQ: PFPT), a leading cybersecurity and compliance company, today announced the expiration of the 45-day "go-shop" period under the terms of the previously announced definitive agreement, pursuant to which Thoma Bravo, a leading private equity investment firm . With an integrated suite of cloud-based solutions, Proofpoint helps companies around the world stop targeted threats, safeguard their data, and make their users more resilient against cyber attacks. Proofpoint is a trademark or registered trademark of Proofpoint, Inc. in the U.S. and other countries. Learn about the technology and alliance partners in our Social Media Protection Partner program. Im extremely grateful to our team members whose dedication and hard work have contributed to Proofpoints success and made this possible and, together, I know well deliver even more innovative solutions for our customers., We are thrilled to officially embark on our partnership with Proofpoint and begin supporting Proofpoints ongoing mission of protecting organizations from the ever-increasing threat of cyberattacks, said Seth Boro, a Managing Partner at Thoma Bravo. Should I trust the word or simply not accept the offer? Keep your people and their cloud apps secure by eliminating threats, avoiding data loss and mitigating compliance risk. Proofpoint's board has unanimously approved . The all-cash deal will take Proofpoint off the stock market and make it a . We cant hire good talent in the states because compensation is anything but competitive. I left in a year of joining. Save my name, email, and website in this browser for the next time I comment. Going private allowed deep investments in the right parts of the business while trimming the fat. Under the terms of the definitive agreement, Proofpoint shareholders will receive $176 per share in cash, in an all-cash transaction valued at $12.3bn . nekx83aaxs Thanks for this . The announcement that Thoma Bravo is acquiring publicly traded Proofpoint for $12.3 billion is the latest and largest private equity deal in the cybersecurity industry.As a rule, I am not a fan of financial shenanigans. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on Proofpoints financial condition, results of operations, or liquidity. Leveraging the firms deep sector expertise and proven strategic and operational capabilities, Thoma Bravo collaborates with its portfolio companies to implement operating best practices, drive growth initiatives and make accretive acquisitions intended to accelerate revenue and earnings. We believe that as cyber threats continue to evolve, Proofpoints people-centric security and compliance strategy along with its innovative product suite will allow Proofpoint to drive significant growth and offer protection to even more customers as a private company.. Thoma Bravo has had little trouble finding companies to buy, including ones that are publicly traded. Proofpoint Announces CFO Transition. Former Profit 21 (now Epicor) CEO Chuck Boyle said about the firm after his own acquisition, Orlando would help not only at the highest level with strategy but also when we got grunt work done. Boyle is no longer the CEO. Sitemap, Thoma Bravo Completes Acquisition of Proofpoint. Is the Market for Hardware Security Appliances Doomed? Proofpoint I have a job offer at proofpoint and They are saying there wont be layoffs. Implement the very best security and compliance solution for your Microsoft 365 collaboration suite. Proofpoint, Go to company page Unvested stock turned to restricted cash vesting on the same schedule. Anaplan, Go to company page A number of project managers lost their jobs as well. Proofpoint Engaged Employer Overview 767 Reviews 160 Jobs 868 Salaries 249 Interviews 272 Benefits 37 Photos 268 Diversity + Add a Review Proofpoint Reviews Updated Feb 28, 2023 Find Reviews Clear All Full-time, Part-time English Filter Found 700 of over 768 Sort Popular Popular COVID-19 Related Highest Rating Lowest Rating Most Recent Oldest First Thoma Bravo said it's buying security software vendor Proofpoint in a deal valued at $12.3 billion. Shares of Proofpoint Inc. rose more than 30% on Monday after the cybersecurity and compliance company agreed to be taken private by Thoma Bravo in an all-cash deal valued at about $12.3 billion. It just passed the billion-dollar revenue mark in 2020.
