Proofpoint in Talks to Acquire Data Security Firm Varonis
Proofpoint is reportedly exploring the acquisition of data security company Varonis, according to a Reuters report citing an informed source. The potential deal would combine two cybersecurity firms focused on protecting corporate data and defending against cyber threats. Following news of possible interest from Proofpoint, shares in Nasdaq-listed Varonis rose more than 10%, with its market capitalization currently at around $5 billion. Varonis provides services such as cloud storage classification and employee behavior monitoring across a global workforce of over 2,400 employees. The company had previously seen significant share price increases after reports emerged in June that it was considering a sale due to private equity interest. Proofpoint, owned by Thoma Bravo since its $12.3 billion take-private deal in 2021, aims to enhance its data security capabilities through the acquisition. Proofpoint recently launched an OEM Program and formed a partnership with Concentrix for cybersecurity services across Asia Pacific. A successful acquisition of Varonis could strengthen Proofpoint’s offerings around confidential corporate information protection.
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