Private equity business Permira has entered an agreement to purchase cloud-based email management firm Mimecast for $5.8bn.
According to Security Week, Permira plans on taking Mimecast private and will acquire all of Mimecast’s outstanding ordinary shares for $80 per share through the purchase.
The transaction is anticipated to close in the first half of next year, however, there will be a ‘go-shop period’ until January 6, 2022, in which a special committee will initiate, solicit, encourage and evaluate alternative acquisition proposals and potentially enter into negotiations with any parties that may offer alternative acquisition proposals.
Mimecast reported close to $150m in revenue and over $17m in net income in the second quarter of this year. The company has claimed it has over 1,700 employees and 40,000 customers.
Mimecast CEO and chairman Peter Bauer said, “Today is an exciting milestone for Mimecast as we begin a new chapter for our company. Our team has done an outstanding job growing and expanding our relationships with customers and innovating our platform.
“Permira has a strong track record of collaboratively supporting companies’ growth ambitions and strategic goals, and we look forward to working together to further strengthen the cybersecurity and resilience of organizations around the world. This is a great outcome for our company and our shareholders.”
Permira was part of the private equity group that recently acquired cybersecurity giant McAfee in a $14bn deal.
Copyright © 2021 FinTech Global