Proofpoint in Talks to Acquire Varonis, Shares Jump 10%
VRNS has more than doubled off its 52-week low of $19.7.
Summary
The Wall Street Journal reports that Thoma Bravo-owned Proofpoint is in talks to acquire Varonis Systems, citing people familiar with the matter. Reuters also reports, citing a source, that Proofpoint is in talks to buy the cybersecurity firm Varonis. The stock jumped 10% to $46.57 on the news, adding to a 43% gain this year. This follows a June report that Varonis was exploring a sale after receiving takeover interest, but this is the first time a specific buyer has been named. A deal is not guaranteed, as another buyer could emerge or talks could fail. Varonis had a market value of about $5 billion when the report was published.
Updates
· Dow Jones Newswires — The Wall Street Journal reports talks are advanced, and Varonis's market value climbed to about $5.4 billion from $5 billion.
At the time of this announcement, VRNS was trading at $46.58 on NASDAQ in the Technology sector, with a market capitalization of approximately $5.3B. The 52-week trading range was $19.70 to $63.90. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.