So says Jason Eberhardt, Proofpoint's global vice president, cloud and MSP. Aug 31, 2021 Software investment firm Thoma Bravo completed its acquisition of cybersecurity leader Proofpoint for approximately $12.3 billion in cash. Thoma Bravo is a leading private equity firm that focuses on software and technology. Proofpoint Announces CFO Transition. 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. 7 day notice, two week severance, no accelerated vesting so we miss the vest by 30 days. Access the full range of Proofpoint support services. Marketing is drastically , Ellie Mae announces layoffs of 10% of its staff, May 20, 2019 Ellie Mae recently completed restructuring its team after its acquisition by Thoma Bravo , a move that includes the layoff of about 10% of , https://www.ft.com/content/456f2fd7-f868-4ea6-abd7-fce34e783333, Dec 6, 2021 Thoma Bravos deals still involve lay-offs often more than 10 per cent of staff and outsourcing, shifting operations to countries with low . The long-term problem for Proofpoint and now, Thoma Bravo is that its biggest competitor is a little company in Redmond called Microsoft. Most of our engineering/devOps/implementation teams are already offshore, so lets see what happens. 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. 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. 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. . Thoma Bravo has agreed to spend around $12.3 billion on the acquisition. However, one thing is clear: Changes are yet to come. The company is well-run, making wise strategic investments in new technologies to stay relevant and growing nicely year over year. Thoma Bravo Lacks Options with Proofpoint Security Boulevard, Does Thoma Bravo Lay Off People? Now that it has been taken private by Fortress Investment Group LLC, it will continue to be a thorn in the side of any cybersecurity company deemed to be infringing on its patents. Thoma Bravo already acquired Proofpoint for $12.3 billion in April 2021. More inside scoop? SUNNYVALE, Calif. and SAN FRANCISCOThoma Bravo, a leading software investment firm, and Proofpoint, Inc. (Proofpoint), a leading cybersecurity and compliance company, today announced the completion of Thoma Bravos acquisition of Proofpoint for approximately $12.3 billion in cash. He succeeds Paul Auvil, who is stepping down as CFO of Proofpoint after having served in the role for the past 16 years. The company said this. https://www.teamblind.com/post/Expecting-Layoffs-rqM1rqaD. Help your employees identify, resist and report attacks before the damage is done. Other times, its layoffs. Thoma Bravo Completes Acquisition of Proofpoint - GlobeNewswire News Room Thoma Bravo is a leading private equity firm with a 40-year history, including over $35 billion in investor commitments, and a focus on investing in software and technology companies. Proofpoint Stockholders Approve Acquisition by Thoma Bravo The proceeds along with sponsor equity from Thoma Bravo will be used for Thoma Bravo's acquisition of . It had 281 employees at the time, and was down 50 by the close of 2020. Only sales will continue to hire. The firm is considered to be extremely hands-on, including Bravo himself. Cost cutting, layoffs remain leading startup themes. Financial policies are expected to be aggressive as highlighted by the high leverage at closing and significant restructuring plans. Lost some good folk as part of restructuring and some parts of the biz now stretched, but margins are now great and the company has a really positive culture and is growing in the right places. All Rights Reserved. Despite the fact that private equity firms usually lay off lots of people, Thoma Bravo, the new expected owner, has promised that it won't reduce Instructure's staff on the new path to profitability. The acquisition of Proofpoint by private equity firm Thoma Bravo is reaping rewards for the security provider's partners. Salespeople have to explain why the new ownership is better all around, while they contend with territories being rejiggered and adjust to new sales leadership. Vista Equity Partners then acquired Websense in 2013 for $906 million. Thoma bravo has recently acquired proofpoint. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as expect, anticipate, intend, plan, believe, could, seek, see, will, may, would, might, potentially, estimate, continue, expect, target, similar expressions or the negatives of these words or other comparable terminology that convey uncertainty of future events or outcomes. So the problems youre seeing in SolarWinds is where Thoma Bravo , Insights from Thoma Bravo and Frontline Education for Instructures Possible Future, Dec 19, 2019 Even beyond Frontline Education, Thoma Bravo is well-known for having layoffs , as seen at Ellie Mae, Riverbed, Qlik, and Imperva. Privacy Policy Thoma Bravo Layoffs October 12, 2022by Admin 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]. 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. We are under hiring pause till end of q1 23. Shareholders are set to get $176 per share in cash, 34 per cent more than Proofpoint's closing share price on 23 April, according to bid details. Based on prior public filings, the company eliminated approximately 160 positions. That plan was never realistic and likely misstated by company management. https://www.ft.com/content/456f2fd7-f868-4ea6-abd7-fce34e783333, Dec 6, 2021 Thoma Bravos deals still involve lay-offs often more than 10 per cent of staff and outsourcing, shifting operations to countries with low . Thoma Bravo to Buy Cyber Firm Proofpoint for $12.3 Billion Thoma Bravo UK LLP is an Appointed Representative of Sapia Partners LLP which is regulated and authorised by the Financial Conduct Authority (FCA). It was formed when Raytheon, the defense contractor, attempted to move into the cybersecurity realm by acquiring Websense. Learn about our relationships with industry-leading firms to help protect your people, data and brand. FEBRUARY 8, 2023 PDFTron Rebrands as Apryse, Reflecting Expanded Product Offerings and Commitment to Innovation. It went public in 2000. Meanwhile, the Permira-Mimecast deal is expected to close in the first half of 2022. Proofpoint, Inc. [email protected] (408) 585-4351 About Thoma Bravo Thoma Bravo is one of the largest private equity firms in the world, with more than $78 billion in. Last week, Instructure, home of Canvas LMS, went through a restructuring process which resulted in 100 full-time employees losing their jobs. Under the . CEO left because of frustrations with TB folks, talks of cost cuts, not laying off yet, but TB history got former CEO worried. Thoma Bravo is a private equity firm with a focus on investing in software and technology companies. Fortunately, no layoffs, no reduction in force as of now. Thoma Bravo Injects $8 Billion of Equity for Proofpoint Acquisition Should I not even entertain the idea of a job offer with them anymore? Thoma Bravo's blank-check firm has reached an agreement to take app software company ironSource public through a merger that values the combined business at $11.1 billion. Proofpoint common stock has ceased trading and is no longer listed on the Nasdaq stock exchange. Thoma Bravo Completes Acquisition of Proofpoint - yahoo.com Thoma Bravo Completes Acquisition of Proofpoint Is the Market for Hardware Security Appliances Doomed? Proofpoint is well positioned to benefit from Thoma Bravos significant experience investing in software companies and overall approach to value creation. His clients are vendors, investment firms, and CISOs at large enterprises. Any time a private equity firm purchases a company in full, changes may occur. Thoma Bravo is a leading private equity firm that focuses on software and technology. Finally, on July 15, 2020, the two parties came to an agreement with a new deal worth about $1.67 billion. Learn about the human side of cybersecurity. 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. People may receive compensation for some links to products and services on this website. Thoma 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. 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. Still other times, the firm who purchased the company may turn around and sell it again. My TC is on par with what I could make at FAANG at 1.5 YOE in MCOL, but that's due to joining before the acquisition and my equity skyrocketing plus promotions. They recently started hiring in India, so cheaper labor is the focus which makes sense because PE firms only care for profit. When private equity shows up to a deal, it usually spells disaster for everyone but the investors. 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. Small Business Solutions for channel partners and MSPs. SailPoint wasn't even their largest cybersecurity acquisition by a long shot. In light of the announced transaction with Thoma Bravo, Proofpoint has cancelled its earnings conference call previously scheduled for April 29, 2021. Implement the very best security and compliance solution for your Microsoft 365 collaboration suite. Should I , RealPage It was great until Thoma Bravo Glassdoor, An inside view of ConnectWises reduction in force : r/msp, An inside view of ConnectWises reduction in force, Insights from Thoma Bravo and Frontline Education for , Proofpoint / Medallia outcome of Thoma bravo purchase Blind, Thoma Bravo Lacks Options with Proofpoint Security Boulevard, Ellie Mae announces layoffs of 10% of its staff HousingWire, Buyout firm Thoma Bravo goes from niche to big league, Can You Be Laid Off While On Medical Leave, Can A Company Find Out If You Were Laid Off, Can You Say You Were Laid Off Instead Of Fired, Can You Go On Disability After Being Laid Off, Can You Be Laid Off While On Short-Term Disability. . . In the largest-ever private equity investment in cloud software, Thoma Bravo has agreed to acquire Proofpoint for $12.3 billion to boost its cybersecurity profile. 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. Unvested stock turned to restricted cash vesting on the same schedule. #tech #acquisition #proofpoint #medallia #anaplan #thomabravo, Go to company page Episodes feature insights from experts and executives. Mimecast Rejects Thoma Bravo, Proofpoint Buyout Offer: Report The Home of the Security Bloggers Network, Home Security Boulevard (Original) Thoma Bravo Lacks Options with Proofpoint. Thoma Bravo to take cybersecurity firm Proofpoint private in $12.3 bln 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. Thoma Bravo has agreed to take cyber security company Proofpoint private in a $12.3bn deal, as the technology-focused private equity firm continues its push for bigger deals. Learn about our global consulting and services partners that deliver fully managed and integrated solutions. Thoma Bravo post acquisition experiences? I feel bad for the people. Thoma Bravo Lacks Options with Proofpoint - Security Boulevard It will be almost a year the aquisition was declared last April of Proofpoint. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. 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). Proofpoint Stockholders Approve Acquisition by Thoma Bravo Proofpoint Enters Definitive Agreement to be Acquired by Thoma Bravo in For more information, visit thomabravo.com. Fitch has also assigned a 'BB-'/'RR2' to Proofpoint's $250 million secured revolving credit facility (RCF) and $2.6 billion first-lien secured term loan. Layoffs : Downsizing related discussion, postings, questions and answers. Heres what happens when Thoma Bravo buys your company including what could potentially be planned for recent acquisition Ping Identity. About Proofpoint, Inc.Proofpoint, Inc. is a leading cybersecurity and compliance company that protects organizations greatest assets and biggest risks: their people. 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. Todays cyber attacks target people. 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 . Email Security Company Proofpoint Acquired By Thoma Bravo - MSSP Alert 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. As that business started to become subsumed by UTM vendors, Websense entered the DLP market with the acquisition of PortAuthority. Ellie Mae lays off 10% of its staff after recent acquisition It started with the astounding acquisition of Recorded Future by Insight Partners for $780 million in 2019. With a market capitalization of $7.5 billion, it was trading at a bit over 7x revenue. He was a Research VP at Gartner. Thoma Bravo Completes Acquisition of Proofpoint Jun 3, 2022 Elon Musk says Tesla will lay off 10% of its salaried employees. 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 Proofpoint Layoffs 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. See Also . Thoma Bravo to Buy Cyber Firm Proofpoint for $12.3 Billion RSA Security grew slightly during the first three quarters of 2020, from 3,161 to 3,172 employees. Shargo: Not completely random, but reasonable behind the decided price for the equity isnt perfect. Proofpoint Shares Rise on Thoma Bravo Takeover Deal - WSJ https://www.crn.com/slide-shows/security/10-things-to-know-about-the-thoma-bravo-proofpoint-deal-and-stock-hike, Apr 26, 2021 Heres a look at the fallout of Thoma Bravos record-breaking acquisition of Proofpoint , including why this deal is likely to kick off a , Mimecast Rejects Thoma Bravo, Proofpoint Buyout Offer: Report, Jan 14, 2022 Mimecast rejected Proofpoint /Thoma Bravo buyout offer because of potential The company confirmed targeted layoffs in February 2021, , https://www.theinformation.com/articles/musk-s-super-bad-feeling-an-amazon-exec-ships-out. Moody's assigns B3 CFR to Proofpoint; outlook positive In a deal described as underlining its status as a powerhouse in the sector, cyber security and compliance company Proofpoint is to be acquired by private equity (PE) firm Thoma Bravo. But attrition has been all time high, and then they put hiring freeze. The firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Proofpoint's board has unanimously approved . - Emerce 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. Customers end up with less support for the products they purchased. It also acquired SurfControl and Defensio. Thoma Bravo has invested in multiple sectors such as Cybersecurity, Banking Tech, GRC Software and more. The announcement comes four days after Thoma Bravo closed its prior top cloud. Thoma Bravo is one of the largest private equity firms in the world, with more than $78 billion in assets under management as of March 31, 2021. Security vendor Proofpoint snapped up by private equity for $12.3bn but These risks, as well as other risks associated with the transaction, are more fully discussed in the proxy statement filed with the U.S. Securities and Exchange Commission in connection with the transaction. There was a big culture change that did come with a focus on just saving money everywhere. Fortunately, no layoffs, no reduction in force as of now. Riverbed Technology, Go to company page Proofpoint Enters Definitive Agreement to be Acquired by Thoma Bravo in Reduce risk, control costs and improve data visibility to ensure compliance. Insider. Proofpoint Layoffs - GoLayoffs 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. View in Appclose We caught up with him ahead of the Channel Partners Conference & Expo and co-located MSP Summit, Nov. 1-4. The firm has offices in Chicago, Miami and San Francisco. Disarm BEC, phishing, ransomware, supply chain threats and more. We hit a 150+% bonus payout last year which was pretty nice. Copyright 2023 Market Realist. They just laid off hundreds of people 30 days before the fist big vest. 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 is a leading cybersecurity company that protects organizations' greatest assets and biggest risks: their people. Insights about top trending companies, startups, investments and M&A activities, notable investors of You can see why Thoma Bravo thought Proofpoint was undervalued and worth paying a 60% premium to the market for its shares. Gary Steele, chairman and CEO of Proofpoint, said in a press release . Proofpoint Accepts $12.3 Billion Buyout From Thoma Bravo 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. 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. "We are excited . Oct 20, 2020 Got an email from our CEO confirming that Thoma Bravo will be acquiring a controlling interest in our firm. San Francisco, CA 94105 +1 (415) 263-3660. Sophos, Go to company page As part of its rapid and successful transition to operating as a private company under Thoma Bravo, L.P. ownership, Proofpoint also announced an accelerated plan to hire over 600 people in 2022 . Gary Steele, Chairman and CEO of Proofpoint, said, We are excited about this next chapter in our companys journey. Proofpoint, Go to company page We cant hire good talent in the states because compensation is anything but competitive. Learn about the technology and alliance partners in our Social Media Protection Partner program. 3D asset visualization and management platform startup Hexa raises $20 Should I trust the word or simply not accept the offer? It dropped 100 people after the sale to Symphony; probably attributable to the BSAFE team staying with Dell. post regarding Riverbed . However, our CEO will be leaving in April 2022 on his own, which is bad for us. 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. In 2019, when Bravo reached billionaire status, Forbes wrote, Bravo is eyeing $10 billion-plus deals and expects to begin buying entire divisions from todays technology giants. The latest couple of deals haven't exceeded the $10 billion mark, but theyre substantial nonetheless. We are looking forward to working closely with Gary and the Proofpoint team to leverage Thoma Bravos deep cybersecurity expertise to help propel the companys continued innovation and growth. Thoma Bravo buys cybersecurity vendor Proofpoint for $12.3B in cash 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 . May 17, 2019, 5:22 p.m. EDT 1 Min Read. Forcepoint journey has taken a long and winding road. Keep your people and their cloud apps secure by eliminating threats, avoiding data loss and mitigating compliance risk. New. Mimecast Email Security Business Background, Challenges 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. 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