If youre at a company that is being acquired, start dusting off your resume and leave. Akamai Technologies, Go to company page SUNNYVALE, Calif. Proofpoint, Inc., a leading cybersecurity and compliance company, today announced that Rmi Thomas has been appointed as chief financial officer, effective immediately. 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. Last week, Instructure, home of Canvas LMS, went through a restructuring process which resulted in, Does Thoma Bravo Lay Off People? 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. Learn about the latest security threats and how to protect your people, data, and brand. He researches and reports on 2,615 IT security vendors. 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. All rights reserved. We look forward to building on our offerings to continue preventing, defending and responding to both todays and tomorrows cybersecurity threats. Proofpoint appears to be different from the typical PE deal. Thoma Bravo has agreed to spend around $12.3 billion on the acquisition. Aug 31, 2021 Software investment firm Thoma Bravo completed its acquisition of cybersecurity leader Proofpoint for approximately $12.3 billion in cash. Private equity firm Thoma Bravo has completed its acquisition of Proofpoint (NASDAQ: PFPT) and shares of the cybersecurity company stopped trading on the Nasdaq, effective today. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Terms and conditions Richard Stiennon is the author of Security Yearbook 2021: A History and Directory of the IT Security Industry. No layoffs except ~100 in commercial sales which isnt a priority for TB. 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. However, Thoma Bravo is unique due to its intense focus on the software space (and, more specifically, cybersecurity). Heres what happens when Thoma Bravo buys your company including what could potentially be planned for recent acquisition Ping Identity. For more information, visit thomabravo.com. Thoma. Implement the very best security and compliance solution for your Microsoft 365 collaboration suite. When private equity shows up to a deal, it usually spells disaster for everyone but the investors. 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. Websense was one of the first content URL filtering products. The acquisition values Proofpoint at $12.3 billion, or ~8.7x 2022 . 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. Fortunately, no layoffs, no reduction in force as of now. It showed revenue growth of 15% in the first quarter of 2021; $288 million. Privacy Policy However , 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. Andy MacMillan, CEO, UserTesting, poses for a portrait at the UserTesting headquarters in San Francisco, California on . We look forward to building on our offerings to continue preventing, defending and responding to both todays and tomorrows cybersecurity threats. Thoma Bravo recently purchased SailPoint for a second time for $6.9 billion. Anaplan, Go to company page Gary Steele, Chairman and CEO of Proofpoint, said, We are excited about this next chapter in our companys journey. Proofpoint, the Nasdaq-listed cybersecurity firm, is being acquired by private equity giant Thoma Bravo for $12.3bn. Proofpoint Thoma Bravo is a private equity firm with a focus on investing in software and technology companies. I have a job offer at proofpoint and They are saying there wont be layoffs. Learn about the human side of cybersecurity. AI-powered protection against BEC, ransomware, phishing, supplier riskandmore with inline+API or MX-based deployment. Chicago-based private equity firm Thoma Bravo makes a business out of buying companies but what does it mean for acquired brands after the deal gets finalized? At the time, Forescout had 1,133 employees. Help your employees identify, resist and report attacks before the damage is done. 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]. Proofpoint Announces CFO Transition. In early August, Thoma Bravo finalized a deal to buy enterprise identity management company Ping Identity for $2.8 billion. Jun 3, 2022 Elon Musk says Tesla will lay off 10% of its salaried employees. 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. Any time a private equity firm purchases a company in full, changes may occur. It will be almost a year the aquisition was declared last April of Proofpoint. It's a bad time. See Also . It just passed the billion-dollar revenue mark in 2020. Layoffs are coming(senior leadership across the board is looking for the exit), etc. AnswerThePublic listens into autocomplete data from search engines like Google then quickly cranks out every useful phrase and question people are asking around thoma bravo on 02 Feb. It's a goldmine of consumer insight you can use to create fresh, ultra-useful content, products and services. How Does a Data Breach Take Place in an Organization? Reduce risk, control costs and improve data visibility to ensure compliance. It dropped 100 people after the sale to Symphony; probably attributable to the BSAFE team staying with Dell. He was a Research VP at Gartner. Read the latest press releases, news stories and media highlights about Proofpoint. Citigroup Inc. is cutting hundreds of jobs across the company, with the Wall Street giant's investment banking division among those affected. We are under hiring pause till end of q1 23. Keep up with the latest news and happenings in the everevolving cybersecurity landscape. Stand out and make a difference at one of the world's leading cybersecurity companies. The all-cash deal will take Proofpoint off the stock market and make it a . investor-relations@proofpoint.com (408) 585-4351. For more information, visit thomabravo.com. Compare that to Crowdstrike, which is trading at 50x 2020 revenue, and Zscaler trading at 60x. These forward-looking statements are based on Proofpoints current expectations, estimates and projections about the potential benefits of the transaction, its business and industry, managements beliefs and certain assumptions made by Proofpoint and Thoma Bravo, all of which are subject to change. The payout comes to a little more than eight times sales, Nowinski noted, while fellow cybersecurity company CrowdStrike Holdings Inc. (CRWD) trades at about 23 times sales. I was also worried after reading about Thoma Bravo history with what they did with some of the companies they bought. It isn't clear yet what Thoma Bravo has planned for Ping Identity and SailPoint. He has held leadership roles at PwC, Webroot Software, Fortinet, and Blancco Technology Group. 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. 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. 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]. His clients are vendors, investment firms, and CISOs at large enterprises. 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 firm invests in growth-oriented, innovative companies operating in the software and technology sectors. It will be almost a year the aquisition was declared last April of Proofpoint. How did you guys do in terms of sale. Is bonus performance based or based on ebidta. Employees are faced with layoffs, years of stalled product innovation and the imposition of cost-saving measures. SailPoint wasn't even their largest cybersecurity acquisition by a long shot. 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. Save my name, email, and website in this browser for the next time I comment. They recently acquired Continuum Managed Solutions and fired 150 people within a week in a mere 2 hours without specifying any , https://www.quora.com/My-company-has-been-acquired-by-Thoma-Bravo-Should-I-consider-changing-my-job, Sep 6, 2018 After an acquisition , how long before severance packages are offered due to layoffs /downsizing? In 2017 it acquired Skyfence, a cloud access security broker (CASB) product from Imperva. That's the current leader for largest cybersecurity acquisition of all time. This communication contains forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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. February 22, 2023 Portfolio; PDFTron Rebrands as Apryse, Reflecting Expanded Product Offerings and Commitment to Innovation. Keep your people and their cloud apps secure by eliminating threats, avoiding data loss and mitigating compliance risk. 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. 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. It started with the astounding acquisition of Recorded Future by Insight Partners for $780 million in 2019. 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. 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. UserTesting Inc. to lay off 63 as result of $1.3B acquisition, merger. Thoma Bravo's deal to take the company. Read how Proofpoint customers around the globe solve their most pressing cybersecurity challenges. PING stock, which went public in September 2019, had lost 11.19 percent of its total value by the end of July. Thoma Bravo , a private equity firm which took Proofpoint private in a $12.3 for approximately $12.3 billion in cash. Mortgage technology company Ellie Mae, which was recently bought by private equity investor Thoma Bravo, underwent restructuring and reduced its staff by 10%. Get deeper insight with on-call, personalized assistance from our expert team. Thoma Bravo already acquired Proofpoint for $12.3 billion in April 2021. 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. The company is well-run, making wise strategic investments in new technologies to stay relevant and growing nicely year over year. 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. Get the latest cybersecurity insights in your hands featuring valuable knowledge from our own industry experts. post regarding Riverbed , 10 Things To Know About The Thoma Bravo-Proofpoint Deal , thoma bravo proofpoint layoffs Superprecast |, Email Cybersecurity Firm Abnormal Hits Unicorn Status After , thoma bravo proofpoint layoffs Revista TusXV.com, An inside view of ConnectWises reduction in force : r/msp, An inside view of ConnectWises reduction in force, Thoma Bravo purchase of Proofpoint marks top private equity , Buyout firm Thoma Bravo builds war chest for software , Thoma Bravo Completes Acquisition of Proofpoint, 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. Thoma Bravo is a leading private equity firm that focuses on software and technology. In January 2016, the entity was spun off from Raytheon and branded as Forcepoint. Can I Be Laid Off While On Workers Compensation? After the pandemic hit, Advent got cold feet and tried to back out of the deal. How did they handle unvested stock at acquisition? Proofpoint is well positioned to benefit from Thoma Bravos significant experience investing in software companies and overall approach to value creation. The cuts amount to less than 1% of Citigroup's . 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. More information is available at www.proofpoint.com. 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. 4 days ago Equity is a TechCrunch podcast about the business of startups, where we unpack the numbers and nuance behind the headlines. Proofpoint common stock has ceased trading and is no longer listed on the Nasdaq stock exchange. Financial policies are expected to be aggressive as highlighted by the high leverage at closing and significant restructuring plans. The announcement comes four days after Thoma Bravo closed its prior top cloud. The private equity . It went public in 2000. Eng, Compensation has been poor, attrition is sky high, wlb is non existent. thoma bravo acquisitions layoffs . Learn about how we handle data and make commitments to privacy and other regulations. The firm, known for its investments in. This is followed by high rates of attrition by disrespecting the talented staff that stay and moving any new engineering jobs to offshore vendors. He had to wait to quit so he gets that payout, Check out this post! The Rating Outlook is Stable. 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. Thoma Bravo has invested in multiple sectors such as Cybersecurity, Banking Tech, GRC Software and more. Can I Be Laid Off While On Workers Compensation? In a time of rising layoffs and cooled jobs market outlooks, employees of recently acquired companies may be wondering whats next. Everyone I knew was just recruiting all the time. We cant hire good talent in the states because compensation is anything but competitive. San Francisco, CA 94105 +1 (415) 263-3660. Learn about our global consulting and services partners that deliver fully managed and integrated solutions. A group of private equity firms acquired McAfee's consumer business for $14 billion. 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. 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. The acquisition of Proofpoint by private equity firm Thoma Bravo is reaping rewards for the security provider's partners. 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 . Advisors Morgan Stanley & Co. LLC is acting as exclusive financial advisor to Proofpoint, and Skadden, Arps, Slate, Meagher & Flom LLP is acting as its legal counsel. May 17, 2019, 5:22 p.m. EDT 1 Min Read. SUNNYVALE and SAN FRANCISCO, Calif., August 31, 2021 - 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. 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). The US buyout. More information is available at www.proofpoint.com.

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