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Everbridge (NASDAQ: EVBG) has announced the appointment of David Wagner as President and Chief Executive Officer, effective immediately. Wagner, previously with Zix, brings 30 years of B2B SaaS and cybersecurity expertise. He aims to drive innovation and growth while enhancing shareholder value. Co-CEOs Patrick Brickley and Vernon Irvin will retain their roles as CFO and CRO, respectively. Wagner's leadership is expected to transform Everbridge's product offerings, aligning with the company's strategic goals and commitment to maintaining resilience for its clients.
OpenText has successfully acquired Zix Corporation, a leader in SaaS-based email encryption and compliance solutions, for approximately $860 million. Zix will enhance OpenText's distribution capabilities and strengthen its focus on small and medium-sized businesses (SMBs). The acquisition is expected to be accretive to OpenText's organic growth within 12-18 months. Zix reported annual recurring revenues of 90% and the total purchase price translates to about 3.5x TTM revenues as of September 30, 2021. No material revenue or operating expenses from Zix are expected during the holiday season.
OpenText has announced an extension of its tender offer for Zix Corporation (NASDAQ: ZIXI) shares at $8.50 per share until December 22, 2021. This extension allows time for approximately 33.97 million shares already tendered to be delivered. If all conditions are met, about 54.81 million shares (70% of outstanding shares) are expected to be tendered, ensuring the minimum tender condition is satisfied. The closing of the acquisition is anticipated on December 23, 2021. Shareholders who have previously tendered their shares do not need to take further action.
OpenText has initiated a tender offer for Zix Corporation's outstanding shares at $8.50 per share. This move aligns with the Merger Agreement signed on November 7, 2021. The Zix board supports the offer, deeming it fair and beneficial for shareholders. The tender offer will conclude at 11:59 PM ET on December 20, 2021, pending certain conditions including the tender of over two-thirds of Zix's shares. Details of the offer have been filed with the SEC, and Zix will also provide a recommendation statement for shareholders.
True Wind Capital, based in San Francisco, has successfully closed its second fund, True Wind Capital II, L.P., raising $817 million in equity commitments, surpassing its target. The firm, founded in 2015, focuses on technology investments across various sectors. Fund II includes notable Limited Partners from North America, Europe, and Asia. Significant investments already made include Rover Group (NASDAQ: ROVR) and AIA Contract Documents. True Wind's first fund raised $558 million in 2017, with investments in companies like Open Lending (NASDAQ: LPRO) and Zix (NASDAQ: ZIXI).
Zix Corporation (ZIXI) reported a strong Q3 2021, achieving an 18% revenue growth to $64.9 million and a similar increase in Annual Recurring Revenue (ARR) to $262.8 million. The net loss for the quarter was $2.4 million, deepening from a $0.7 million loss a year earlier. Despite this, non-GAAP adjusted net income before deemed dividends was $8.2 million. The cash position rose by 15% to $39.0 million. A notable achievement was a record net dollar retention rate of 103.1%, fueled by strong customer adoption of CloudAlly and Secure Cloud.
Zix Corporation (NASDAQ: ZIXI) has entered into a definitive agreement to be acquired by OpenText for $8.50 per share in cash, totaling an enterprise value of $860 million. This transaction, approved unanimously by Zix's Board, follows a strategic review and extensive outreach to over 70 parties. The acquisition aims to provide Zix’s shareholders with liquidity and value certainty. It includes a tender offer requiring two-thirds of Zix’s shares and is expected to close within 90 days, subject to regulatory approvals.
OpenText announced its agreement to acquire Zix Corporation for approximately $860 million in cash, with a tender offer of $8.50 per share. This acquisition aims to enhance OpenText's SMB platform by integrating Zix's email security and compliance solutions, along with expanding their relationship with Microsoft. The deal is expected to contribute to cloud revenues and adjusted EBITDA, with Zix's annual recurring revenues above 90%. The transaction is anticipated to close within 90 days.
Zix Corporation (NASDAQ: ZIXI), a leader in cloud email security, will host a conference call on November 8, 2021, at 5:00 p.m. ET to discuss its third quarter 2021 financial results. The results will be made available on its investor relations website prior to the call. CEO Dave Wagner and CFO Dave Rockvam will review financial performance and business highlights. Interested parties can join the call by dialing 855-853-6940 (U.S.) or 720-634-2906 (international). An audio replay will be accessible for seven days following the call.
Zix Corporation (NASDAQ: ZIXI) has integrated its enterprise-grade cloud backup and recovery solution into its Secure Cloud platform. This enhancement allows partners to manage data security seamlessly across applications like Microsoft Office 365, Google Workspace, and Salesforce, ensuring compliance and security standards are met. The acquisition of CloudAlly enhances Zix's offering, allowing users to gain comprehensive insights into their corporate communications. This strategic move positions Zix as a unique provider of integrated cybersecurity and compliance services through one intuitive platform.
