Home Business Magnet Forensics agrees to $1.8 billion takeover

Magnet Forensics agrees to $1.8 billion takeover

3 min read
Comments Off on Magnet Forensics agrees to $1.8 billion takeover
0
21

[ad_1]

Article content

Canadian software company Magnet Forensics Inc. has agreed to be acquired by private equity firm Thoma Bravo in a deal worth $1.8 billion, the company said in a release.

Article content

Magnet makes software for police forces and businesses to investigate cybersecurity threats. Once the deal closes it will become a private company.

Article content

A unit of Thoma Bravo will offer $44.25 per subordinate voting share, Magnet said on Jan. 20, a premium of 15.4 per cent to the stock’s last close. Rolling shareholders, including some members of the board, will get $39 for each subordinate and multiple voting shares they hold.

Thoma Bravo intends to combine Magnet with Atlanta-based Grayshift LLC, a mobile-device digital forensics company which it acquired in July 2022.

The combination is expected to create “a powerful end-to-end digital investigations platform” that would help public-safety agencies around the world to solve crimes and protect victims, the statement said.

Article content

The founders of Magnet, Adam Belsher and Jad Saliba, and the founders of Grayshift, David Miles and Braden Thomas, will each hold a leadership position within the combined company. Jim Balsillie, Magnet’s chair, will serve on the board.

Magnet shareholders will vote on the deal in March, the company said.

Thoma Bravo has more than US$120 billion in assets under management and in 2022 acquired cybersecurity firm SailPoint, Ping Identity Holding, Sailpoint Technologies, ForgeRock and Coupa Software.

Additional reporting by Reuters, Bloomberg



[ad_2]

Source link

Load More Related Articles
Load More By 
Load More In Business
Comments are closed.

Check Also

China’s Jan factory activity contracts at slower pace – Caixin PMI

[ad_1] Breadcrumb Trail Links PMN Business Article content BEIJING — China’s factory activ…