For 859 million dollars
Sophos wants to buy Secureworks
The British cybersecurity provider Sophos wants to buy its American competitor Secureworks. The transaction is expected to be completed in early 2025.
According to the press release, the aim of the merger is to strengthen the position of both companies in the highly competitive market for cybersecurity solutions. By combining complementary AI-driven security platforms based on automated prevention, detection and response, the two companies will be able to offer solutions to better fend off attackers. Sophos intends to add Secureworks' Taegis platform to its portfolio.
Joe Levy, CEO of Sophos, said: "Secureworks offers an innovative, market-leading solution with its Taegis XDR platform. Combined with our security solutions and industry leadership in MDR, we will strengthen our joint position in the market and deliver better outcomes for organizations of all sizes worldwide. Secureworks' renowned expertise in cybersecurity fits perfectly with our mission to protect organizations from cybercrime by providing powerful and intuitive products and services. This acquisition is an important step in our commitment to a safer digital future for all."
Details of the transaction
Under the terms of the agreement, Sophos intends to acquire Securewoks in a cash transaction valued at 859 million US dollars. Sophos will be supported by software investor Thoma Bravo. Secureworks shareholders, including Dell Technologies, will receive 8.50 US dollars per share in cash. This represents a 28% premium to the unaffected 90-day volume weighted average price (VWAP). The transaction is expected to close in early 2025, subject to customary closing conditions.
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