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Proofpoint Shareholders OK $12.3B Deal With Thoma Bravo

Shareholders at Proofpoint (Nasdaq: PFPT) voted to approve the cybersecurity and compliance company’s $12.3 billion sale to private equity firm Thoma Bravo.

Proofpoint said Friday both parties still expect to complete the transaction in the third quarter of 2021, subject to regulatory approvals and other customary closing conditions.

Gary Steele, chairman and CEO of Proofpoint, said the shareholder vote marks a key milestone in becoming a private company.

In April, Proofpoint agreed to be purchased by Thoma Bravo in an all-cash transaction. Under the deal, Proofpoint shareholders will get $176 in cash for each share of the common stock they own.

“We believe that as a private company, we can be even more agile with greater flexibility to continue investing in innovation, building on our leadership position and staying ahead of threat actors,” Steele said in April.

Sunnyvale, California-based Proofpoint offers people-centric security and compliance platforms meant to help enterprises protect their data and prevent targeted cyberthreats.

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