Sophos To Be Acquired By Private Equity
Sophos is an MSP-friendly provider of cybersecurity software and tools that protect endpoint, network and cloud services, among other areas. While some security companies are selling their latest wares directly to end-customers, Sophos has maintained a channel-led strategy — even for the company’s new managed detection and response (MDR) service.
Still, the European security firm has struggled with inconsistent revenue growth over the past year or two. Amid those revenue challenges, Thoma Bravo has bid $3.9 billion for the company — which represents a 37 percent premium for the security company.
Thoma Bravo owns numerous cybersecurity and MSP-friendly companies. The private equity firm also has ownership stakes in Barracuda Networks, ConnectWise, Continuum, SolarWinds, LogRhythm, McAfee and Veracode, among others.
In a prepared statement, Sophos CEO Kris Hagerman said:
“Today marks an exciting milestone in the ongoing journey of Sophos. Sophos is actively driving the transition in next-generation cybersecurity solutions, leveraging advanced capabilities in cloud, machine learning, APIs, automation, managed threat response, and more. We continue to execute a highly-effective and differentiated strategy, and we see this offer as a compelling validation of Sophos, its position in the industry and its progress.”
The Sophos board of directors has stated its intention to unanimously recommend the offer to shareholders.