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Mimecast Email Security Business Background, Challenges 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. Leading organizations of all sizes, including more than half of the Fortune 1000, rely on Proofpoint for people-centric security and compliance solutions that mitigate their most critical risks across email, the cloud, social media, and the web. But attrition has been all time high, and then they put hiring freeze. 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. Proofpoint common stock has ceased trading and is no longer listed on the Nasdaq stock exchange. Then massive cost cutting, layoffs and likely a change in their executives. +1 to the person above who said they actively avoid companies owned by private equity firms. 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]. https://www.teamblind.com/post/Expecting-Layoffs-rqM1rqaD. Sophos, Go to company page (Tech Industry)". - Blind Hello to people who were part of the companies that Thoma Bravo acquired. Thoma Bravo Completes Acquisition of Proofpoint, Calypso Technology and AxiomSL combine forces under new name: Adenza, PDFTron Acquires PDF-to-Office Innovator Solid Documents. Unvested stock turned to restricted cash vesting on the same schedule. Can I Be Laid Off While On Workers Compensation? However, one thing is clear: Changes are yet to come. The acquisition values Proofpoint at $12.3 billion, or ~8.7x 2022 . Marketing is drastically . However, our CEO will be leaving in April 2022 on his own, which is bad for us. It isn't clear yet what Thoma Bravo has planned for Ping Identity and SailPoint. Private equity firm Thoma Bravo is acquiring cybersecurity and compliance startup Proofpoint in an all-cash $12.3 billion deal. Proofpoint also disclosed Q1 2021 financial results today. It's a bad time. 20 answers No layoffs except ~100 in commercial sales which isnt a priority for TB. Its business model seems to be to engage in lawsuits against other security technology companies, forcing them to pay licensing fees. If youre at a company that is being acquired, start dusting off your resume and leave. post regarding Riverbed . Keep up with the latest news and happenings in the everevolving cybersecurity landscape. Proofpoint 2023 State of the Phish-rapport . Thoma Bravo is considered the successor to previously existing firm Golder Thoma & Co. Other executives likely hold a substantial stake in the firm, which maintains $70 billion in assets under management. I know that my team has be reduced by 70% because everyone left. Cost cutting, layoffs remain leading startup themes. How were *unvested* RSUs handled? CEO left because of frustrations with TB folks, talks of cost cuts, not laying off yet, but TB history got former CEO worried. 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.. It showed revenue growth of 15% in the first quarter of 2021; $288 million. Save my name, email, and website in this browser for the next time I comment. Hello to people who were part of the companies that Thoma Bravo acquired. 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. Riverbed Technology, Go to company page Thoma Bravo already acquired Proofpoint for $12.3 billion in April 2021. That number dropped to 1,007 by the end of the year. 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. 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. It dropped 100 people after the sale to Symphony; probably attributable to the BSAFE team staying with Dell. Offers may be subject to change without notice. Thoma Bravo has just cut one of the largest-ever checks by a private equity firm to fund its $12.3 billion purchase of cybersecurity company Proofpoint. 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. 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. Financial policies are expected to be aggressive as highlighted by the high leverage at closing and significant restructuring plans. Proofpoint appears to be different from the typical PE deal. 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. US DoD Server Had no Password 3TB of Sensitive Data Leaked, Cowbell Adds Free Cybersecurity Services for Insurance Policy Holders, Microsoft FAIL: BlackLotus Bootkit Breaks Secure Boot, Organizations Struggle WithCCPA, CPRA, GDPR Compliance, Add your blog to Security Bloggers Network. Customers end up with less support for the products they purchased. 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. The private equity . In 2017 it acquired Skyfence, a cloud access security broker (CASB) product from Imperva. There will be a layoff but there will be opportunities if youre good and you stay. Become a channel partner. Overview of Thoma Bravo's Acquisitions All Acquisitions : 63 [View Details] Latest Acquisitions : Proofpoint's board has unanimously approved . (Bloomberg) -- 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 private equity firm is offering $176 per share in cash, representing a 34% premium to Proofpoint's Friday closing price, according to a statement Monday. Energized to find a new job after yours gets sent offshore is more accurate. Thoma Bravo is n van de grootste software-investeerders ter wereld, met meer dan $120 miljard aan beheerd vermogen (per 30 september 2022). Proofpoint common stock has ceased trading and is no longer listed on the Nasdaq stock exchange. As that business started to become subsumed by UTM vendors, Websense entered the DLP market with the acquisition of PortAuthority. You can see why Thoma Bravo thought Proofpoint was undervalued and worth paying a 60% premium to the market for its shares. 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. Andy MacMillan, CEO, UserTesting, poses for a portrait at the UserTesting headquarters in San Francisco, California on . Privacy Policy 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. Prevent data loss via negligent, compromised and malicious insiders by correlating content, behavior and threats. Finjan has a storied past. Sep 3, 2021 3 1. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. 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 cybersecurity and compliance firm Proofpoint has announced that it has entered into a definitive agreement to be acquired by Thoma Bravo in an all-cash transaction which values the. https://www.teamblind.com/post/Proofpoint-Medallia-outcome-of-Thoma-bravo-purchase-YdfZ7Lkk, Mar 22, 2022 Fortunately, no layoffs , no reduction in force as of now. You have time but change will come within 1-2 years. 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. SailPoint wasn't even their largest cybersecurity acquisition by a long shot. 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 Fidelis Elevate platform provides security analytics, and is being marketed as an XDR product. People may receive compensation for some links to products and services on this website. Proofpoint announced that Thoma Bravo will be acquiring it for $176 per share, a 34% premium to the prior day's closing price. Thoma Bravo, a private equity firm, has agreed to purchase Proofpoint for $12.3 billion in the biggest cybersecurity acquisition of all time. 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. Proofpoint has become the latest sizable tech vendor to succumb to private equity after Thoma Bravo succeeded in its $12.3bn grasp for the infosec giant. We look forward to building on our offerings to continue preventing, defending and responding to both todays and tomorrows cybersecurity threats. Learn about the latest security threats and how to protect your people, data, and brand. The firm is considered to be extremely hands-on, including Bravo himself. They just laid off hundreds of people 30 days before the fist big vest. Connect with us at events to learn how to protect your people and data from everevolving threats. Small Business Solutions for channel partners and MSPs. Upon completion of the acquisition, Proofpoint stockholders were entitled to receive $176.00 in cash for each share of Proofpoint common stock they own. 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. Help your employees identify, resist and report attacks before the damage is done. They recently started hiring in India, so cheaper labor is the focus which makes sense because PE firms only care for profit. Sometimes, CEO and other executive replacements occur. 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. Thoma Bravo's transactions nonetheless embody layoffs (usually 10% or extra of employees) and outsourcing, shifting operations to international locations Thoma Bravo Completes Acquisition of Proofpoint https://www.thomabravo.com/press-releases/thoma-bravo-completes-acquisition-of-proofpoint 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 UserTesting Inc. to lay off 63 as result of $1.3B acquisition, merger. Proofpoint Trustwave was, in turn, acquired by Singtel in 2015. Based on prior public filings, the company eliminated approximately 160 positions. 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. Latest Company & Industry Overviews News and Updates. 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. In this wide-ranging interview, he also tells editorial director Craig Galbraith about . This list of organizations invested in by Thoma Bravo provides data on their funding history, investment activities, and acquisition trends. 51 reviews from Proofpoint employees about Proofpoint culture, salaries, benefits, work-life balance, management, job security, and more. In January 2016, the entity was spun off from Raytheon and branded as Forcepoint. Market Realist is a registered trademark. It started with the astounding acquisition of Recorded Future by Insight Partners for $780 million in 2019. The acquisition of Proofpoint by private equity firm Thoma Bravo is reaping rewards for the security provider's partners. Leading organizations of all sizes, including more than half of the Fortune 1000, rely on Proofpoint for people-centric security and compliance solutions that mitigate their most critical risks across email, the cloud, social media, and the web. Last year alone saw 72 acquisitions by private equity. Proofpoint is well positioned to benefit from Thoma Bravos significant experience investing in software companies and overall approach to value creation. Its recent $12.3 billion purchase of Proofpoint, . 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 Bravos acquisition of Proofpoint for approximately $12.3 billion in cash. 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, the private equity firm that completed the acquisition in March, had other plans as reported at IBL News on January 26th [emphasis in original]. We cant hire good talent in the states because compensation is anything but competitive. AI-powered protection against BEC, ransomware, phishing, supplier riskandmore with inline+API or MX-based deployment. Save my name, email, and website in this browser for the next time I comment. post regarding Riverbed , Thoma Bravo is Brutal post regarding Qlik Technologies Inc , My company has been acquired by Thoma Bravo. They will do all they can to not pay. It was formed when Raytheon, the defense contractor, attempted to move into the cybersecurity realm by acquiring Websense. Raytheon paid $1.9 billion for an 80% stake in Websense in April 2015. Thoma Bravo is paying $176 per share, for a 34% premium to the closing share price before the announcement. Gary Steele, chairman and CEO of Proofpoint, said in a press release . 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. Andy Brimmer / Matthew Sherman / Jed Repko, 2023. All other trademarks contained herein are the property of their respective owners. Proofpoint is traded publicly on the Nasdaq exchange and as . We hit a 150+% bonus payout last year which was pretty nice. 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. 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. SUNNYVALE & SAN FRANCISCO, Calif., April 26, 2021 -- Proofpoint, Inc. (NASDAQ: PFPT) (the "Company"), a leading cybersecurity and compliance company, today announced that it has entered into a definitive agreement to be acquired by Thoma Bravo, a leading private equity investment firm focused on the software and technology-enabled services Proofpoint is a trademark or registered trademark of Proofpoint, Inc. in the U.S. and other countries. It will be almost a year the aquisition was declared last April of Proofpoint. Thoma Bravo's deal to take the company. Founded in 1997 in Israel with technology that could be used to counter modern viruses (so-called polymorphic) and DRM technology, it pivoted several times and was ultimately acquired by M86 Security in 2009. 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. Browse our webinar library to learn about the latest threats, trends and issues in cybersecurity. Citigroup Inc. is cutting hundreds of jobs across the company, with the Wall Street giant's investment banking division among those affected. No layoffs except ~100 in commercial sales which isnt a priority for TB. It finally ended up as part of a portfolio of products at Trustwave, an MSSP in Chicago. At Anaplan, weve been told our invested RSUs for the fiscal year will be accelerated and paid out at close. It was then called Raytheon|Websense. 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? Marketing is drastically , 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. The long-term problem for Proofpoint and now, Thoma Bravo is that its biggest competitor is a little company in Redmond called Microsoft. As a rule, I am not a fan of financial shenanigans. 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 . At face value, fair enough. More information is available at www.proofpoint.com. Proofpoint, Inc. investor-relations@proofpoint.com (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. A group of private equity firms acquired McAfee's consumer business for $14 billion. Heres what happens when Thoma Bravo buys your company including what could potentially be planned for recent acquisition Ping Identity. Were there stocks given?#ellieMae #sophos #medallia #apptus #dynatrace #sirius #venafi, Go to company page 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. February . It will be almost a year the aquisition was declared last April of Proofpoint . Gary Steele, Chairman and CEO of Proofpoint, said, We are excited about this next chapter in our companys journey. 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 cuts amount to less than 1% of Citigroup's . Last week, Instructure, home of Canvas LMS, went through a restructuring process which resulted in, Does Thoma Bravo Lay Off People? Under the terms of the all-cash agreement, Proofpoint shareholders will receive $176 per share. Thoma Bravo is a leading private equity firm that focuses on software and technology. 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. So says Jason Eberhardt, Proofpoint's global vice president, cloud and MSP. All Rights Reserved. In 2019, Bravo became the first billionaire born in Puerto Rico. 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. Publicly traded Finjan was acquired by an investment group in a deal valued at $43.9 million, announced in June 2020. That plan was never realistic and likely misstated by company management. As a rule, I am not a fan of financial shenanigans. Thoma Bravo has had little trouble finding companies to buy, including ones that are publicly traded. Learn about this growing threat and stop attacks by securing todays top ransomware vector: email. The firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Eng, Compensation has been poor, attrition is sky high, wlb is non existent. 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. 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. Disarm BEC, phishing, ransomware, supply chain threats and more. Revenue was $287.8 million, up 15 percent compared to Q1 of 2020. I was also worried after reading about Thoma Bravo history with what they did with some of the companies they bought. 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. February 22, 2023 Portfolio; PDFTron Rebrands as Apryse, Reflecting Expanded Product Offerings and Commitment to Innovation. Any signing bonus is not worth the hassle of dealing with these spreadsheet jockeys. Proofpoint, Go to company page 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. Vista Equity Partners then acquired Websense in 2013 for $906 million. Proofpoint will be privately held by private equity firm Thoma Bravo and will not have an independent board of directors. He succeeds Paul Auvil, who is stepping down as CFO of Proofpoint after having served in the role for the past 16 years. Insights about top trending companies, startups, investments and M&A activities, notable investors of With a market capitalization of $7.5 billion, it was trading at a bit over 7x revenue. 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. Learn about our unique people-centric approach to protection. The company's key investments include Barracuda Networks and Sophos, among many other firms. View in Appclose Copyright 2023 Market Realist. New. 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. Raytheon purchased Vista Equitys remaining Forcepoint stake in January 2020 for $588 million, and then announced in October 2020 that it was selling the whole company to another private equity firm, Francisco Partners. He has held leadership roles at PwC, Webroot Software, Fortinet, and Blancco Technology Group. True to Insights past performance with Recorded Future, they have continued to invest and grow Armis, which had 372 employees at the end of 2020, a 41% growth rate. I think you have got the answer in your other post. Access the full range of Proofpoint support services. . reported by Reutersmight be another proof point for a market downturn. I recorded them in Security Yearbook 2021. Verkada, Go to company page The all-cash deal will take Ping from public to private. Thoma Bravo is buying out Ping at a value of $28.50 per share, a 63-percent premium from the stocks price prior to the announcement. A number of project managers lost their jobs as well. In the latest development, private equity giant Thoma Bravo is buying Proofpoint, the SaaS security vendor, for $12.3 billion in cash. "Just got laid off after takeoverWhat should I do now? Defend your data from careless, compromised and malicious users. Stand out and make a difference at one of the world's leading cybersecurity companies. 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. (I did hear someone who was an employee for 7 years got 7 weeks severance, still a joke), Have found TB acquisition really energizing. 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. 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. 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. We caught up with him ahead of the Channel Partners Conference & Expo and co-located MSP Summit, Nov. 1-4. Thoma Bravo's investment in Intel 471 sees the private equity firm continue its cybersecurity investing spending-spree. 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. 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.