This is technology merger and acquisition deal number 759 that ChannelE2E has covered so far in 2021. See all tech merger and acquisition deals for 2021 and 2020 listed here.
Still, the deal includes a 30-day “go-shop” period – which expires on January 6, 2022. During the go-shop window, Mimecast will “actively initiate, solicit, encourage and evaluate alternative acquisition proposals.” – which means additional offers for the email security company could emerge.
Takeover of Mimecast: Thoma Bravo and Proofpoint Counter Permira?
Who else could potentially bid for Mimecast? A potential name is rival Evidence, Which one is owned by private equity firm Thoma Bravo. In terms of revenue, Proofpoint is roughly twice the size of Mimecast.
ChannelE2E has contacted Proofpoint and Thoma Bravo to see if these companies are interested in a possible acquisition of Mimecast. We’ll update this article if we have any new details to share.
If the Mimecast-Permira deal goes ahead, the buyout is expected to be finalized in the first half of 2022, the companies said. Mimecast would then become a private company.
The $ 5.8 billion purchase price represents a premium of around 16% over the closing price of Mimecast stock on October 27, 2021 – the last full trading day before a Wall Street Journal article revealing a potential sale of the Mimecast company.
Mimecast partner program, business challenges
The Mimecast partner program extends to resellers and MSPs. The company appointed Jonathan Corini as senior vice president of global channel sales in October 2020.
Mimecast has 1,700 employees and 40,600 customers, according to the email security company’s website.
Permira acquires Mimecast: management outlook
In a prepared statement on the deal, Mimecast CEO Peter Bauer said:
âToday is an exciting milestone for Mimecast as we embark on a new chapter for our business. Our team has done an outstanding job developing and expanding our client relationships 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 cybersecurity and resilience in organizations around the world. This is an excellent result for our company and our shareholders.
Added Robert Schechter, independent director of Mimecast and chairman of the special committee:
âThis transaction follows a strategic process overseen and directed by a special committee independent of the board of directors which included discussions with a number of strategic and financial parties. We are excited to provide significant immediate cash value to our shareholders and believe this transaction is the best way forward for Mimecast and our stakeholders. “
Noted Michail Zekkos and Ryan Lanpher of Permira Partners:
âWe have long admired Mimecast, its management team and talented employees. Email is the main vector of cyber attacks, and phishing and identity theft attempts are constantly evolving. This means that there has never been more urgency or need for organizations to protect their critical data and infrastructure. With an innovative platform, world-class security controls, and a scalable model, Mimecast is uniquely positioned to help businesses large and small protect their employees from malicious activity. We look forward to leveraging our experience in scaling global technology companies by partnering with Peter and his team for their next phase of growth. “
Concluded Pierre Pozzo, director of Permira:
âMimecast is widely recognized as an established leader and innovator in the field of email security with a strong and growing position in the enterprise market. We share the company’s belief in the important cybersecurity opportunity to come across all collaboration channels, especially as more and more individuals have moved to a remote workplace. We look forward to partnering with the Mimecast team to accelerate the product roadmap and expand the go-to-market organization to drive growth.