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Proofpoint, a cybersecurity and compliance leader, announced that the acquisition by Thoma Bravo constitutes a "fundamental change" in relation to its 0.25% convertible senior notes due 2024. The acquisition was finalized on August 31, 2021, marking this date as the effective date of the fundamental and make-whole changes. Holders of the notes can opt to have Proofpoint repurchase their notes at 100% of the principal plus interest by the designated purchase date of September 24, 2021. Additionally, there is a conversion option available until October 20, 2021, with cash settlements based on the merger consideration of $176.00 per share.
Thoma Bravo has successfully acquired Proofpoint for approximately $12.3 billion in cash. The acquisition was approved by Proofpoint's shareholders on July 23, 2021. Each Proofpoint shareholder will receive $176.00 per share. Following the acquisition, Proofpoint's stock is no longer traded on the Nasdaq. Both companies expressed optimism about the future, with Thoma Bravo leveraging its expertise to enhance Proofpoint's innovative cybersecurity offerings. This partnership aims to address increasing cyber threats effectively.
On August 24, 2021, a U.S. federal jury found Vade Secure willfully misappropriated trade secrets from Proofpoint, awarding the latter approximately $13.5 million in compensatory damages. The court's decision regarding punitive damages is pending. Proofpoint demonstrated Vade unlawfully utilized its confidential information in products like Vade for Microsoft 365. Vade's Chief Technology Officer was also found liable. CEO Gary Steele emphasized the importance of intellectual property rights and the necessity to protect them in the cybersecurity space.
Proofpoint, Inc. (NASDAQ: PFPT) and Ponemon Institute have released a report showing that phishing attacks cost large U.S. companies an average of $14.8 million annually, significantly up from $3.8 million in 2015. The report highlights that Business Email Compromise (BEC) and ransomware attacks are the most expensive, with BEC costing nearly $6 million annually. The study indicates that lost productivity due to phishing is a major factor, leading to significant operational disruptions.
Proofpoint, Inc. (NASDAQ: PFPT) released its Human Factor 2021 report, highlighting critical cybersecurity threats from 2020. The report reveals over 48 million messages capable of initiating ransomware attacks. Credential phishing remains the most prevalent cyberattack, constituting two-thirds of malicious messages. Notably, attachment-based phishing is the most effective method with a 20% click rate. Other significant findings include a dramatic rise in steganography attacks, successful BEC fraud attempts exceeding $1 million each, and the use of Remote Access Trojans in one in four campaigns.
Proofpoint reported a 19% increase in total revenue to $308.7 million for Q2 2021, driven by strong demand for cybersecurity solutions.
Billings surged 31% to $328.6 million, aided by a significant five-year prepaid transaction. Non-GAAP EPS was $0.63, a rise from $0.51 year-over-year. However, GAAP net loss widened to $(52.9) million, or $(0.92) per share.
Proofpoint is set to be acquired by Thoma Bravo for $176.00 per share, expected to close in Q3 2021.
Proofpoint, Inc. (PFPT) has announced that its stockholders approved the acquisition by Thoma Bravo. Shareholders will receive $176.00 per share in cash upon closing of the deal expected in Q3 2021. This marks a significant move towards Proofpoint becoming a private company, with the final voting results to be reported in a Current Report on Form 8-K. Thoma Bravo, with over $78 billion in assets, is known for investing in technology firms, which may enhance Proofpoint's growth trajectory and operational practices.
Proofpoint, Inc. (NASDAQ: PFPT) announced it will release its financial results for Q2 2021 on July 29, 2021, after market close. Due to the pending acquisition by Thoma Bravo, no conference call or webcast will follow the announcement. Proofpoint is a leader in cybersecurity and compliance solutions, helping organizations mitigate risks and protect their assets. The company’s services are utilized by numerous Fortune 1000 companies, focusing on email, cloud, social media, and web security.
Proofpoint, Inc. (NASDAQ: PFPT) has canceled its 2021 Annual Meeting of Stockholders originally set for June 15, 2021, due to the pending acquisition by Thoma Bravo, valuing the company at approximately $12.3 billion. A special meeting will be scheduled for stockholders to vote on the merger agreement, with details to be announced later. The transaction is expected to close in the third quarter of 2021, pending shareholder and regulatory approvals. Upon completion, PFPT stock will be delisted from public markets.
