Proofpoint to buy Varonis Systems in $6.3bn all-cash deal
Thoma Bravo-owned Proofpoint agreed to acquire data security firm Varonis Systems for about $6.3 billion in cash, at $49.75 per share.
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The story, neutrally told
Mixed · 2Proofpoint, the cybersecurity company owned by Thoma Bravo, agreed on Thursday 15 October to buy data security firm Varonis Systems in an all-cash deal valued at about $6.3 billion. CNAN “Thoma Bravo-owned cybersecurity company Proofpoint will buy data security firm Varonis Systems in all-cash deal valued at about $6.3 billion, the companies said on Thursday.” Read at CNA ↗ IJRRC “Proofpoint agreed to acquire Varonis Systems in an all-cash deal valued at about $6.3 billion” Read at IJR ↗ Mixed · 2Varonis shareholders will receive $49.75 per share in cash, which the companies said is a 52 per cent premium to Varonis' closing price on June 22, the day before initial speculation about a potential sale. CNAN “Varonis shareholders will receive $49.75 per share in cash, representing a premium of 52 per cent over Varonis' closing stock price on June 22, the day before initial speculation about a potential sale” Read at CNA ↗ IJRRC “Varonis shareholders would receive $49.75 per share” Read at IJR ↗ Right · 1Varonis' board unanimously approved the agreement, which also includes a $211.7 million termination fee under specified circumstances, including if Varonis ends the deal to accept a superior proposal. IJRRC “the company’s board unanimously approved the agreement”“the agreement also provides for a $211.7 million termination fee under specified circumstances, including if Varonis ends the deal to accept a superior proposal” Read at IJR ↗
Mixed · 2Varonis shares rose after hours following the announcement, by about 2 per cent in extended trading according to CNA. CNAN “Its shares were up about 2 per cent in extended trading.” Read at CNA ↗ IJRRC “Varonis shares rose after hours following the announcement” Read at IJR ↗ Centre · 1Reuters had reported in September that Proofpoint was in talks to acquire Varonis. CNAN “Reuters reported in September that Proofpoint was in discussions to acquire Varonis Systems.” Read at CNA ↗ Centre · 1Miami-based Varonis offers cybersecurity services including data classification on cloud storage systems and employee behaviour tracking, while Proofpoint sells software that helps companies guard against cyberattacks. CNAN “Miami-based Varonis offers cybersecurity services, including data classification on cloud storage systems and employee behavior tracking.”“which sells software that helps companies guard against cyberattacks” Read at CNA ↗
Centre · 1Thoma Bravo agreed in 2021 to acquire Proofpoint in a take-private deal that valued it at about $12.3 billion. CNAN “Thoma Bravo in 2021 agreed to acquire Proofpoint” Read at CNA ↗
Every sentence links to the reporting it rests on. The pill in front of each says where its sources sit: Left, Centre or Right when one side supplies at least half of them, Mixed when they are evenly split. The number is how many outlets it cites.
Left0 outlets
No left outlet in our sources has covered this story yet.
Centre1 outlet
- Framing
- Short wire-style business report placing the deal in context of Thoma Bravo's ownership of Proofpoint and earlier deal talk.
- Emphasis
- Premium over the pre-speculation price, Thoma Bravo's 2021 take-private of Proofpoint, and Varonis' business.
- Leaves out or plays down
- Does not mention the termination fee or the board's unanimous approval.
- For example
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“Thoma Bravo-owned cybersecurity company Proofpoint will buy data security firm Varonis Systems” — CNA
Right1 outlet
- Framing
- Brief deal announcement focused on terms and shareholder-protection details.
- Emphasis
- Board approval and the $211.7 million termination fee.
- Leaves out or plays down
- Does not mention Thoma Bravo's ownership, the 52 per cent premium or earlier Reuters reporting.
- For example
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“the agreement also provides for a $211.7 million termination fee under specified circumstances” — IJR
What every side reports
- Proofpoint agreed to acquire Varonis Systems in an all-cash deal valued at about $6.3 billion.
- Varonis shareholders will receive $49.75 per share.
- Varonis shares rose after hours following the announcement.
Left0 articles
No coverage yet.
Centre1 article
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CNAN ·
Thoma Bravo's Proofpoint to buy Varonis Systems in $6.3 billion all-cash deal
Neutral Factual deal report with background on Thoma Bravo's ownership and premium.
Right1 article
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IJRRC ·
Proofpoint Plans $6.3 Billion Varonis Acquisition
Neutral Concise announcement summary stressing price, board approval and termination fee.
- 15 Oct 21:22 First CNAN Thoma Bravo's Proofpoint to buy Varonis Systems in $6.3 billion all-cash deal
- 15 Oct 23:56 +2h 34m IJRRC Proofpoint Plans $6.3 Billion Varonis Acquisition
Times are when each article was published, or when we first saw it if the outlet gave no time.
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