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Proofpoint, Inc. (NASDAQ: PFPT) announced the expiration of its 45-day 'go-shop' period for its acquisition by Thoma Bravo, valuing the company at approximately $12.3 billion. During this period, Proofpoint did not receive any alternative acquisition proposals. The transaction is set to close in the third quarter of 2021, pending customary approvals. Upon closing, Proofpoint's common stock will be delisted. Proofpoint is a renowned cybersecurity firm focused on protecting organizations against digital threats.
Proofpoint, a leader in cybersecurity, has announced significant innovations in its Threat Protection, Compliance, and new Information Protection and Cloud Security Platforms. Key advancements include the launch of the cloud-native Information Protection platform that merges various security technologies and the Advanced BEC Defense powered by the new Supernova detection platform aimed at preventing business email compromise scams. Proofpoint's commitment to protecting organizations against cyber threats is underscored by their advanced machine learning and analysis of billions of digital interactions.
Proofpoint, a cybersecurity leader, announced its certification as a data loss prevention (DLP) partner for Microsoft Teams on June 3, 2021. This integration allows organizations to apply DLP to Teams messages and files, supporting compliance with regulations like HIPAA, PCI DSS, and GDPR. This marks Proofpoint's third major integration with Teams, enhancing its Information Protection platform. Ryan Kalember, EVP of Cybersecurity Strategy, emphasized the importance of DLP for all organizations collaborating within Teams.
Proofpoint's recent study reveals alarming trends in cloud security, with two-thirds of IT professionals citing cloud account takeovers as a significant risk. The average cost of these compromises is now $6.2 million annually. Over half of respondents noted an increase in the frequency and severity of incidents. Additionally, only 44% of organizations have defined roles for protecting sensitive information in the cloud. Key findings include that 86% report annual costs exceeding $500,000 for such breaches, compounded by lax enforcement of IT approval for cloud app usage.
Proofpoint has launched NexusAI for Compliance, a machine learning module designed to enhance supervisory review for regulatory compliance in its Enterprise Archive solution. This new tool aims to reduce false positives by up to 65% and improve the efficiency of manual reviews. Organizations using NexusAI can expect a projected 125% ROI. With the growing importance of compliance, Proofpoint continues to innovate in the AI space to help regulated organizations streamline their processes and minimize risks.
Proofpoint, Inc. (NASDAQ: PFPT) released its 2021 Voice of the CISO report, revealing that 66% of surveyed CISOs feel unprepared for cyberattacks. Notably, 58% see human error as their top vulnerability. With over 1,400 CISOs surveyed globally, key findings include a significant rise in cyber risk, with 64% fearing a material attack within a year. The report emphasizes the need for improved security posture amidst the hybrid work model, which has heightened vulnerability, making CISOs focus on enhancing cyber defenses and user awareness.
Relativity and Proofpoint, Inc. (NASDAQ: PFPT) have announced a partnership to integrate their technologies, enhancing compliance and communication surveillance solutions. This collaboration will allow customers to manage surveillance data within a single platform, combining Proofpoint's Enterprise Archiving with Relativity's AI-powered Trace. The integrated solution aims to streamline compliance efforts for organizations, especially for regulated markets, and will be available to clients in late Spring 2021. The partnership emphasizes machine learning and AI to future-proof these technologies.
Proofpoint Recognized as Leader
Proofpoint, Inc. (NASDAQ: PFPT) has been named a leader in the Forrester Wave™: Enterprise Email Security, Q2 2021 report, receiving the highest score in the current offering category among 15 evaluated vendors. The report highlights Proofpoint's unique Very Attacked Person (VAP) concept and its comprehensive Threat Protection Platform, which integrates advanced machine learning and various security solutions. Over half of the Fortune 1000 organizations trust Proofpoint's services to defend against email-related threats.
Proofpoint reported strong first-quarter financial results with total revenue of $287.8 million, a 15% increase year-over-year, and billings of $276.7 million, up 16% from last year. The company achieved a GAAP net loss of $(45.3) million, or $(0.79) per share, improving from a loss of $(66.8) million in Q1 2020. Non-GAAP EPS was $0.49, up from $0.38. Proofpoint also announced plans to be acquired by Thoma Bravo for $12.3 billion, or $176.00 per share, and cancelled its earnings conference call.
