shares soared Monday after the cybersecurity company agreed to a $6.9 billion buyout from private-equity group Thoma Bravo.
Under terms of the deal, SailPoint stockholders will receive $65.25 a share in cash, representing a premium of 48% to SailPoint’s 90-day volume-weighted average price, the company said in a statement.
SailPoint said it will become a privately held company, following completion of the deal.
Shares in SailPoint (ticker: SAIL) surged 29.5% to $64.23 in premarket trading on Monday.
Private-equity firms are increasingly targeting software companies as demand for cloud has soared amid the Covid pandemic. Last month, Thoma Bravo struck a $10.7 billion deal to buy San Francisco-based
(PLAN), a provider of business-planning software.
“Given the importance of cybersecurity in this macro-environment, we believe that this is a smart strategic move for Thoma Bravo to double down on cyber along with their prior acquisitions, following their purchase of Proofpoint Inc. last April for $12.3 billion, with the shift to remote working as well as the Russia-Ukraine conflict fueling major demand for security software firms,” analysts at Wedbush said in a note on Monday.
Wedbush said it didn’t expect a bidding war for SailPoint, or any regulatory hurdles for the deal.
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