Showing posts with label Privatization. Show all posts
Showing posts with label Privatization. Show all posts

Tuesday, May 1, 2018

Cisco divests its Service Provider Video Software business

Cisco agreed to sell its Service Provider Video Software Solutions (SPVSS) business to a company backed by the Permira Funds. Financial terms were not disclosed.

Permira Funds will create a new, rebranded company focused on developing and delivering video solutions for the Pay-TV industry. The new company's portfolio includes Cisco's Infinite Video Platform, cloud digital video recording, video processing, video security, video middleware, and services groups. Dr. Abe Peled, former Chairman and CEO of NDS and adviser to the Permira Funds, will serve as Chairman of the new company.

Cisco will retain the video and media technology related to its core business in networking, multi-cloud, security, data, and collaboration.

"This is a unique opportunity to lead and shape the video industry during its transition with the flexibility as a private company," said Dr. Peled. "The new company will have the scale, technology innovation, and world-class team to deliver outstanding go-to-market execution, customer engagement, and new end-user experiences.  Cisco has built a profitable business in the video space with innovations to capitalize on IP distribution and cloud-based services. These combined assets provide a significant new opportunity for the new company."

Cisco's 'Videoscape Unity' TV Platform -- Streaming Under the Cloud

Cisco introduced its "Videoscape Unity" TV Platform featuring a multiscreen cloud digital video recorder (DVR), which enables consumers to restart shows, catch up on past programs, and play back DVR-captured content from anywhere, on any screen.

Videoscape Unity, which is designed for service providers and media companies, is an open software platform that was created by combining the assets of NDS (which Cisco acquired last year ) with its own Videoscape portfolio.  The new platform comprises a set of cloud, network and client based components, connected by open interfaces.  Some pre-integrated components include:
  • Multiscreen Cloud DVR: Offers cloud-driven video recording with capture and storage in the cloud instead of the end device. Consumers can restart shows, catch up on past programs, and play back DVR-captured content from anywhere, on any screen.
  • Video Everywhere: Broadens the TV Everywhere proposition with unified search, discovery, and viewing functions to allow consumers to watch premium live and on-demand content on any (service provider managed or unmanaged) connected device regardless of location.
  • Connected Video to Any Device in the Home: Cisco's Connected Video Gateway serves as a single entertainment hub, with back-end management of IP and QAM video, for distributing video content and metadata to any IP-connected device in the home, while providing a unified user experience. 
  • IP Video over Cable: Gives consumers expanded choice of content and IP video services, with faster delivery of on-demand and interactive offerings, across a wider range of service provider managed devices - with the flexibility to add unmanaged devices.

Cisco said a key advantage of Videoscape Unity is that the cloud can now be used "to power personalized video services and enable multiple screens to be synchronized to create a single unified experience for the subscriber, so things look and feel the same no matter what device they use."

Significantly, Cisco is offering Videoscape "as a service," allowing operators to have Cisco build, monitor, operate and even host their video infrastructures.

http://www.cisco.com/en/US/netsol/ns1043/networking_solutions_market_segment_solution.html


  • In March 2012, Cisco agreed to acquire NDS Group in a deal valued at approximately $5 billion. NDS, which was owned by News Corp.(49%) and Permira private equity (51%), developed video software and content security for media companies, cable & satellite TV operators and IPTV service providers. Key products included its MediaHighway Set-top Box middleware software, its "XTV" Digital Video Recorder software, its "Snowflake" electronic program guide (EPG), and its "VideoGuard CA" and "VideoGuard Connect" digital rights management system.  NDS customers include some of the largest cable, satellite and broadband pay-TV operators, including Astro, Bharti, BSkyB, Canal Plus, China Central Television ("CCTV"), Cox, DIRECTV, Kabel Deutschland, Sky Deutschland, Sky Italia, TataSky, UPC and Vodafone. The company notes that a significant portion of its business is recurring, with long-term contracts, typically with an average duration of approximately five years. NDS, which is based in the U.K., has approximately 5,000 employees with facilities in Israel, France, India and China.

  • In January 2011, Cisco's John Chambers outlined a new "Videoscape" portfolio of five major product families aimed at "transforming the TV experience." From the outset, the goal was to work with Service Providers to allow any device over any network to access any content to which they are entitled. Cisco Videoscape would enable service providers to monetize activities outside their own network or traditional device footprints.  A key facet of Videoscape is about delivering a consistent interface across multiple devices, while providing a universal guide and search capabilities across all content sources. This requires building capabilities into the service provider's video back-office using APIs extending across content management systems and virtualized storage. The capabilities would be social network-aware and open to advertising opportunities.

Friday, April 27, 2018

Private investors to acquire Mitel

An investor group led by affiliates of Searchlight Capital Partners has agreed to acquire Mitel for approximately $2.0 billion in cash, including Mitel’s net debt.

Mitel shareholders will receive $11.15 per common share in cash, representing a premium of approximately 24% to the 90-calendar-day volume-weighted average price of Mitel common shares through April 23, 2018. 

Upon completion of the transaction, Mitel will become a privately held company.

Terry Matthews, Mitel Co-founder and Chairman, said, “Mitel has succeeded for 45 years because of persistent innovation and relentless focus on delivering shareholder value. Our Board determined that this transaction, upon closing, will deliver immediate, significant and certain cash value to our shareholders. It also affirms the tremendous value and market leadership of Mitel. We believe this transaction will provide Mitel with additional flexibility as a private company to pursue the company’s move-to-the-cloud strategy.”

Wednesday, January 3, 2018

Gigamon's $1.6B privatization deal has been completed

Gigamon confirmed the completion of its acquisition by Elliott Management, a leading multi-strategy private investment firm, and the Qatar Investment Authority.

The acquisition, valued at approximately $1.6 billion, was approved by Gigamon shareholders on December 22, 2017. As a result of the completion of the transaction, shareholders will receive $38.50 per share in cash and Gigamon common stock will no longer be listed for trading on the NYSE.

"This is a pivotal day for Gigamon employees, customers and partners around the world. With the acquisition complete, our team will continue to execute strategic initiatives that will both empower our customers with new, rich functionality and drive Gigamon to the next level of growth," said Paul Hooper, Chief Executive Officer of Gigamon. "As a private company, we will continue to build upon our leading technology foundation and transform the market we created and lead. With our Security Delivery Platform, we are in a unique position to enable NetOps and SecOps teams to work together addressing the common goal of securing their enterprise while containing costs and minimizing complexity. Working closely with Evergreen, we are entering a new and exciting era."

Elliott Management to privatize Gigamon in $1.6 billion deal

Elliott Management, a private investment firm known for shareholder activism, will acquire Gigamon for $38.50 per share in cash, for a total value of approximately $1.6 billion, making Gigamon a privately-held company. Elliott Management and its affiliates currently hold a 7.0% equity voting stake in Gigamon.

Gigamon's recent revenue trends
         2017                        2016
Q3    $79.2 million          $83.5 million
Q2    $69.1 million          $75.1 million
Q1    $69.6 million          $66.9 million

Monday, November 27, 2017

Thoma Bravo to privatize Barracuda Networks for $1.6B

Thoma Bravo, a leading private equity firm, will acquire all shares of Barracuda Networks (NYSE: CUDA) in an all-cash transaction valued at $1.6 billion. Barracuda shareholders will receive $27.55 in cash for each share of Barracuda common stock they hold. The price represents a premium of 22.5 percent to the company's 10-day average stock price prior to Nov. 27, 2017, of $22.49.

Barracuda supplies appliance and cloud-enabled solutions for data protection.

"We believe the proposed transaction offers an opportunity for us to accelerate our growth with our industry-leading security platform that's purpose-built for highly distributed, diverse cloud and hybrid environments. We will continue Barracuda's tradition of delivering easy-to-use, full-featured solutions that can be deployed in the way that makes sense for our customers," said BJ Jenkins, chief executive officer of Barracuda. "Thoma Bravo has an excellent history of investing in growing security businesses, and this transaction speaks to the value and strength of Barracuda's security platform, which helps customers protect and manage their networks, applications, and data. I expect that our employees, customers, and partners will benefit from this partnership."

"Barracuda is a proven industry leader, consistently bringing powerful, comprehensive solutions to customers in an increasingly prevalent, hostile, and complex threat environment," said Seth Boro, a managing partner at Thoma Bravo. "We believe that Barracuda is at the forefront of innovation in several highly strategic areas of the cybersecurity market and are excited to be the company's partner in the next phase of its growth."

Thoma Bravo to Acquire Majority Stake in DigiCert


Thoma Bravo, a leading private equity investment firm, agreed to acquire a majority interest in DigiCert from TA Associates, another private equity firm currently holding the majority share. Financial terms were not disclosed. DigiCert is a global SSL Certificate Authority (CA) and the leading provider of trusted certificate management solutions.  The company provides its digital certificates to over 115,000 customers in more than 180 countries,...

Thoma Bravo Completes Acquisition of Riverbed


Thoma Bravo, a leading private equity investment firm, and Teachers’ Private Capital, the private investor department of Ontario Teachers’ Pension Plan, completed their previously announced acquisition of Riverbed Technology. The acquisition is valued at approximately $3.5 billion, with Riverbed stockholders receiving $21.00 per share in cash. “With this acquisition now complete, our team can begin to move forward with the strategic initiatives...

Blue Coat to be Acquired by Bain Capital from Thoma Bravo


Bain Capital, one of the world’s foremost private investment firms, will acquire Blue Coat Systems from Thoma Bravo for approximately $2.4 billion in cash. Blue Coat, which is based in Sunnyvale, California, provides on-premise, hybrid and cloud-based solutions for protecting web connectivity, combating advanced threats and responding to security breaches. Bain Capital indicated a possible return to the public market for Blue Coat. “We are excited...

Thursday, October 26, 2017

Elliott Management to privatize Gigamon in $1.6 billion deal

Elliott Management, a private investment firm known for shareholder activism, will acquire Gigamon for $38.50 per share in cash, for a total value of approximately $1.6 billion, making Gigamon a privately-held company. Elliott Management and its affiliates currently hold a 7.0% equity voting stake in Gigamon.

Under the deal, Gigamon shareholders will receive $38.50 in cash for each share of Gigamon common stock held.

"We are pleased to announce this transaction, which delivers immediate cash value to our shareholders upon closing at a premium to our unaffected stock price," said Paul Hooper, Chief Executive Officer of Gigamon. "The Gigamon Board, with the assistance of independent financial and legal advisors, conducted a thorough review of options to enhance shareholder value and unanimously concluded that entering into this agreement with Elliott represents the best way to maximize value."

"As the leading provider of visibility solutions that enable enterprises to guard against network and data breaches, Gigamon has a strong track record of innovation and delivering customer value that makes it a compelling investment," said Jesse Cohn, Partner at Elliott. "In partnership with Evergreen Coast Capital, our private equity affiliate, this is a landmark transaction in our long history of investing in leading enterprise technology businesses."


Gigamon's recent revenue trends
         2017                        2016
Q3    $79.2 million          $83.5 million
Q2    $69.1 million          $75.1 million
Q1    $69.6 million          $66.9 million

Thursday, February 23, 2017

Telefonica to Divest up to 40% of Infrastructure Operations to KKR for Euro 1.275B

Telefónica announced it has reached an agreement with global investment firm KKR Group for the sale of up to a 40% stake of Telxius Telecom, its global telecommunications infrastructure
company, for a total of Euro 1,275 million, or Euro 12.75 per share.

Under the agreement, which is subject to regulatory approvals, Telefónica and KKR plan to partner to develop and expand the global telecom infrastructure operation, including through the development of new infrastructure projects.

Telefónica's infrastructure arm Telxius, established in February 2016, owns and operates a portfolio comprising nearly 16,000 telecom towers in five countries and manages an international network with around 65,000 km of submarine optical cable, including around 31,000 km owned by Telxius. The Telxius-owned network includes SAM-1 linking the U.S., Central and South America, PCCS (Pacific Caribbean Cable System) and Unisur, which connects Uruguay and Argentina.

In addition, it is currently deploying BRUSA, linking Brazil, Puerto Rico and the U.S., and MAREA linking the U.S. and Europe in partnership with Google and Facebook, with both cable systems due to be operational in 2018.

On completion of the proposed deal, Telefonica will remain the anchor client for Telxius' tower and cable businesses, and will retain a majority stake and operational control of the business and continue to consolidate it into its accounts. The sale is part of Telefonica's strategy designed to optimise its asset portfolio and allocation of capital, and complements its plan for organic debt reductions.

Telefónica noted that the proposed agreement with KKR implies an enterprise value of Euro 3,678 million for Telxius, or 11.4 times its 2017 EBITDA, and confirms the valuation indicated for Telxius in the offering memorandum for its attempted initial public offering as announced in September, but subsequently withdrawn in November. At that time, the indicative price range for the same stake was between Euro 12 and 15 per share. The proposed transaction with KKR values Telxius's equity at Euro 3,188 million (Euro 12.75 a share).

The agreement includes the initial acquisition by KKR of 62 million of shares (24.8% of the total shares) of Telxius for a total of Euro 790 million, with the option to acquire and sell an additional 38 million shares (15.2% of the total shares) for a minimum of Euro 485 million. Such options are related to a call option, exercisable by KKR and a put option, exercisable by Telefónica upon maturity of the call option.

Telefónica stated that the closing of the transaction is subject to regulatory approvals and that the window to exercise these options is in the fourth quarter of 2017, provided the required regulatory approvals have been received.

http://www.telefonica.es

Tuesday, February 21, 2017

Sweden's EQT Investment Firm to Buy Lumos Networks for $950 Million

Lumos Networks, a fibre-based service provider in the Mid-Atlantic region, announced that it has entered into a definitive agreement to be acquired by the EQT Infrastructure investment strategy for $18.00 per share, representing an enterprise value of approximately $950 million.

Under the terms of the agreement, EQT Infrastructure will acquire all of Lumos Networks' common stock for $18.00 per share, representing a premium of 18.2% to the Lumos Networks closing price of $15.23 on February 17, 2017. The offer price also represents a 34.9% premium to the volume-weighted price average over the last 12 months of $13.35 and a 16.5% premium to $15.45, the average closing price for the past 20 trading days.

Lumos Networks serves carrier, enterprise and data centre customers, offering end-to-end connectivity in 24 markets in Virginia, Pennsylvania, West Virginia, Maryland, Ohio and Kentucky. It has a fibre network of 9,204 fibre route miles and 475,507 total fibre strand miles that connects 1,297 fibre-to-the-cell sites, 1,642 FTTC connections, 36 data centres, including 7 company owned colocation facilities, 1,984 on-net buildings and around 3,300 on-net locations.

Recently, Lumos announced it had acquired Charlotte, North Carolina based DC74 Data Centers for $23.5 to $28.5 million, depending on future growth earn-out projections. It also recently announced closing of its acquisition of Clarity Communications, with a 730 mile fibre network with 75 on-net locations, mainly in North Carolina.

EQT stated that the transaction has been approved by all voting members of the board of directors. Completion of the transaction, subject to shareholder approval, regulatory approval and other customary closing conditions,
is expected during the third quarter of 2017.

EQT, based in Sweden, is an alternative investments firm with approximately Euro 31 billion in raised capital in 21 funds with portfolio companies in Europe, Asia and the U.S. Portfolio companies include Norwegian broadband provider Broadnet, IP-Only, a provider of data communications and data centre services in Sweden, subsea telecom infrastructure provider IslaLink.

Thursday, November 3, 2016

Rackspace Completes Privitization

Rackspace is now a private company.  It was acquired by affiliates of funds managed by affiliates of Apollo for $32.00 per share in cash. In connection with the transaction, funds managed by Searchlight Capital Partners, L.P. also made a strategic equity investment in the acquired company. Rackspace's common stock will no longer be listed for trading on the New York Stock Exchange.

"We are excited to begin this new chapter for Rackspace as a private company," said Taylor Rhodes, president and CEO of Rackspace. "I would like to thank our Rackers around the world who, throughout this process, have remained focused on serving our customers. Every day they deliver expertise and Fanatical Support for the world's leading clouds. We look forward to working with Apollo as we manage Rackspace for long-term growth and expand our early leadership of the managed cloud market. We believe that the best years for Rackspace are yet to come."

http://www.rackspace.com

Rackspace to go Private in $4.3 Billion Buyout

Rackspace (NYSE: RAX) announced plans to go private in a buyout led by funds managed by affiliates of Apollo Global Management.

Under the deal, Rackspace will be acquired for $32.00 per share in cash, representing a premium of 38% compared to Rackspace's unaffected closing stock price on August 3, 2016, the last trading day prior to news reports speculating about a potential transaction. In connection with the transaction, funds managed by Searchlight Capital Partners will make a strategic equity investment in the acquired company. The transaction has a total value of $4.3 billion, which includes the assumption of $43 million of net cash.

Taylor Rhodes, president and CEO of Rackspace, said, "We are presented with a significant opportunity today as mainstream companies move their computing out of corporate data centers and into multi-cloud models. Apollo and its partners take a patient, value-oriented approach to their funds' investments, and value Rackspace's strategy and unique culture. This is an exciting transaction for Rackspace and we look forward to working closely together."

Goldman, Sachs & Co. is acting as financial advisor to Rackspace and Wilson Sonsini Goodrich & Rosati, Professional Corporation is acting as its legal advisor.

http://www.rackspace.com

  • Rackspace, which was founded in 1998 in San Antonio, provides businesses with expertise and exceptional customer service for the world's leading cloud platforms, including AWS, Microsoft, and OpenStack (the open-source cloud platform that Rackspace co-founded in 2010, along with NASA). Rackspace has been publicly traded on the New York Stock Exchange since 2008. The company reported 2015 revenue of $2.0 billion.
  • Rackspace collaborated with NASA to develop OpenStack in 2010.

Private Equity Firm Acquires Lattice Semi for $1.3 Billion - FPGAs

Canyon Bridge Capital Partners agreed to acquire all outstanding shares of Lattice Semiconductor Corporation (NASDAQ:LSCC) for approximately $1.3 billion inclusive of Lattice’s net debt, or $8.30 per share in cash. This represents a 30% premium to Lattice’s last trade price on November 2, 2016, the last trading day prior to announcement.

Lattice supplies low power FPGA, video ASSP, 60 GHz millimeter wave, and IP products to the consumer, communications, industrial, computing, and automotive markets worldwide. The company is based in Portland, Oregon.

Darin G. Billerbeck, President and Chief Executive Officer of Lattice, commented, “We are pleased to announce the transaction today with Canyon Bridge, which will unlock tremendous value for shareholders. This transaction is the culmination of an extensive review process with our Board, financial and legal advisers, and it delivers certain and immediate cash value to shareholders while reducing our execution risk. We are excited to leverage Canyon Bridge’s resources and market connections as we enhance our focus on executing our long-term strategic plan of continued innovation. Importantly, we will operate as a standalone subsidiary after the acquisition and do not expect any changes in our operations or our unwavering commitment to continued innovation for our customers.”

Ray Bingham, Founding Partner, Canyon Bridge, noted, “Lattice’s low-power FPGA franchise, along with its video connectivity and wireless solutions, make it a compelling, strategic investment. We expect the Company will continue to leverage its existing customer relationships with major OEMs globally, while further broadening the role of its technology solutions and accelerating its strategic plans.”

http://ir.latticesemi.com/

Monday, September 19, 2016

Vista Equity Partners to Privatize Infoblox

Vista Equity Partners plans to buy out Infoblox in a deal valued at $1.6 billion, or $26.50 per share of common stock in cash, which represents a 33% premium to Infoblox’s average closing share price over the last 60 trading days, and a 73% premium to Infoblox’s unaffected closing price as of May 11, 2016, when media reports of interest in acquiring Infoblox were first published.

“Vista has an excellent track record of supporting and adding value to technology companies, and we are thrilled to bring on a partner of their caliber and strategic expertise,” said Jesper Andersen, President and CEO of Infoblox. “This transaction will provide immediate and substantial value to Infoblox stockholders, while also giving Infoblox greater flexibility to execute on our long-term strategy to drive increased DDI automation and DNS security into the enterprise market. We are excited to begin our partnership with Vista and look forward to leveraging their operational insights as we continue to deliver the industry-leading products, solutions and customer service on which our customers rely.”

http://ir.infoblox.com/phoenix.zhtml?c=251270&p=irol-newsArticle&ID=2204332

Wednesday, September 7, 2016

HPE to Spin Out Software Group with Micro Focus

Hewlett Packard Enterprise (HPE) will spin-off its non-core software assets, merging this business unit with Micro Focus.  The deal was valued at approximately $8.8 billion.

The software assets include HPE’s Application Delivery Management, Big Data, Enterprise Security, Information Management & Governance and IT Operations Management businesses.  These will be merged with Micro Focus, thereby creating one of the world’s largest pure-play software companies.

Micro Focus, which is headquartered in Newbury, United Kingdom, supplies identity access and security solutions; COBOL development and mainframe solutions; development and IT operations management tools; gost connectivity solutions; and collaboration and networking solutions.  Micro Focus also owns SUSE, which supplies enterprise Linux and Open Stack solutions.

In addition to the spin-off/merger, HPE and Micro Focus announced plans for a commercial partnership that will name SUSE as HPE’s preferred Linux partner and will bring together HPE’s Helion OpenStack and Stackato solutions with SUSE’s OpenStack expertise to provide best-in-class enterprise-grade hybrid cloud offerings for HPE customers.

“With today’s announcement, we are taking another important step in achieving the vision of creating a faster-growing, higher-margin, stronger cash flow company well positioned for our customers and for the future,” said Meg Whitman, President and Chief Executive Officer of HPE.

http://investors.hpe.com/

Saturday, August 27, 2016

Rackspace to go Private in $4.3 Billion Buyout

Rackspace (NYSE: RAX) announced plans to go private in a buyout led by funds managed by affiliates of Apollo Global Management.

Under the deal, Rackspace will be acquired for $32.00 per share in cash, representing a premium of 38% compared to Rackspace's unaffected closing stock price on August 3, 2016, the last trading day prior to news reports speculating about a potential transaction. In connection with the transaction, funds managed by Searchlight Capital Partners will make a strategic equity investment in the acquired company. The transaction has a total value of $4.3 billion, which includes the assumption of $43 million of net cash.

Taylor Rhodes, president and CEO of Rackspace, said, "We are presented with a significant opportunity today as mainstream companies move their computing out of corporate data centers and into multi-cloud models. Apollo and its partners take a patient, value-oriented approach to their funds' investments, and value Rackspace's strategy and unique culture. This is an exciting transaction for Rackspace and we look forward to working closely together."

Goldman, Sachs & Co. is acting as financial advisor to Rackspace and Wilson Sonsini Goodrich & Rosati, Professional Corporation is acting as its legal advisor.

http://www.rackspace.com

  • Rackspace, which was founded in 1998 in San Antonio, provides businesses with expertise and exceptional customer service for the world's leading cloud platforms, including AWS, Microsoft, and OpenStack (the open-source cloud platform that Rackspace co-founded in 2010, along with NASA). Rackspace has been publicly traded on the New York Stock Exchange since 2008. The company reported 2015 revenue of $2.0 billion.
  • Rackspace collaborated with NASA to develop OpenStack in 2010.

Sunday, July 10, 2016

Polycom Drops Mitel Merger, Agrees to Private Equity Buyout

The Board of Directors of Polycom terminated a previously announced merger agreement with Mitel Networks Corporation, and instead approved a new merger agreement with Triangle Private Holdings I and Triangle Private Merger Sub, entities affiliated with Siris Capital Group.

Under the new deal with Siris, outstanding shares of common stock of Polycom will be exchanged for $12.50 per share in cash at the completion of the merger.

On July 7, 2016, Mitel Networks Corporation waived its right to renegotiate its merger agreement with Polycom after receipt of notice of the Polycom board’s determination that Siris was offering a superior deal. Polycom will pay a merger termination fee to Mitel.

http://www.polycom.com





Mitel to Acquire Polycom for Nearly $2 Billion


Mitel agreed to acquire all of the outstanding shares of Polycom common stock in a cash and stock transaction valued at approximately $1.96 billion, including $3.12 in cash and 1.31 Mitel common shares for each share of Polycom common stock, or $13.68 based on the closing price of a Mitel common share on April 13, 2016 -- a 22% premium to Polycom shareholders based on Mitel's and Polycom's recent share prices. The deal combines Mitel's leadership...

Sunday, April 26, 2015

Thoma Bravo Completes Acquisition of Riverbed

Thoma Bravo, a leading private equity investment firm, and Teachers’ Private Capital, the private investor department of Ontario Teachers’ Pension Plan, completed their previously announced acquisition of Riverbed Technology. The acquisition is valued at approximately $3.5 billion, with Riverbed stockholders receiving $21.00 per share in cash.

“With this acquisition now complete, our team can begin to move forward with the strategic initiatives that will take us to the next stage of growth,” said Jerry M. Kennelly, chairman and CEO of Riverbed. “As a private company, Riverbed is better positioned to pursue our long term goals, and has greater flexibility to develop best-of breed technologies that deliver superior application performance for our customers. This flexibility, alongside Thoma Bravo’s deep experience growing companies in the application performance space, makes us very excited about the future.”

http://www.riverbed.com

  • On Friday, April 24, various sources reported a significant layoff of employees at Riverbed's HQ in San Francisco. 
  • Previous networking investments by Thoma Bravo have included: Blue Coat Systems, Empirix, InfoVista, Keynote Systems, Sailpoint Technologies, and others.

Wednesday, April 22, 2015

Procera to be Acquired by Private Equity Firm for $240 Million

Procera Networks has signed a definitive agreement to be acquired by private funds managed by Francisco Partners Management, a technology-focused private equity firm, in an all-cash transaction valued at approximately $240 million. Under the deal, Francisco Partners will acquire all outstanding shares of Procera’s common stock for $11.50 per share in cash, representing a premium of approximately 21% over the closing price of Procera’s common stock on April 21, 2015, and a premium of approximately 32% over the unaffected closing price on January 22, 2015, the last day prior to an article reporting the potential sale of the company.

“As part of Francisco Partners’ portfolio of companies, Procera will have the resources and financial expertise needed to attain the next level of growth and to strengthen our competitive market position,” said James Brear, President and CEO of Procera. “I believe this transaction delivers compelling value to our stockholders, and we remain firmly committed to establishing Procera as the leader in improving the customer broadband experience for carriers and operators.”

Procera also announced preliminary results for Q1 2015, saying revenue is expected to be in the range of $19.5 million to $20.5 million. The ratio of bookings to revenue for the first quarter was below one. The company expects the gross margin percentage to be approximately 60% and to incur a net operating loss on a GAAP and non-GAAP basis for the first quarter of 2015. The company is not revising its previously announced guidance for the full year.

Wednesday, March 11, 2015

Blue Coat to be Acquired by Bain Capital from Thoma Bravo

Bain Capital, one of the world’s foremost private investment firms, will acquire Blue Coat Systems from Thoma Bravo for approximately $2.4 billion in cash.

Blue Coat, which is based in Sunnyvale, California, provides on-premise, hybrid and cloud-based solutions for protecting web connectivity, combating advanced threats and responding to security breaches.

Bain Capital indicated a possible return to the public market for Blue Coat.

“We are excited by the opportunity to work with Blue Coat's world-class management team to grow the business organically and through acquisitions, and to ultimately return the company to the public markets,” said David Humphrey, a managing director at Bain Capital. “We are very impressed with the profitable growth the company has demonstrated and believe strongly in the future growth of the cyber security market and Blue Coat’s position in this important sector.”

“Blue Coat has differentiated products for protecting enterprises from even the most sophisticated threats, and we are proud to be a foundational part of the security architecture for the world’s largest enterprises. The world’s most trusted brands use Blue Coat, and the acquisition by Bain Capital sets us on the trajectory to further grow our portfolio, better serve our customers and help us prepare to return to the public markets,” said Gregory S. Clark, chief executive officer, Blue Coat Systems, Inc. “Bain Capital has a long history of accelerating growth, and I look forward to partnering with them in our journey to be one of the top performing security companies in the world.”

https://www.bluecoat.com/company/press-releases/blue-coat-be-acquired-bain-capital


  • In early 2013, an investor group led by San Francisco-based private equity investment firm Thoma Bravo acquired Blue Coat Systems in a deal valued at $1.3 billion. 

Monday, December 15, 2014

Riverbed Enters $3.6 Billion Privatization Deal with Thoma Bravo

Riverbed Technology (RVBD) announced a privatization deal with Thoma Bravo, LLC and Teachers’ Private Capital, the private investor department of Ontario Teachers’ Pension Plan. Riverbed stockholders will receive $21.00 per share in cash, or a total of approximately $3.6 billion. Riverbed CEO Jerry Kennelly will remain with the company as CEO.

“We are extremely pleased with this transaction, which we believe will be a winning proposition for all of our stakeholders,” said Jerry M. Kennelly, chairman and CEO of Riverbed. “Having undertaken a thorough strategic review, during which we assessed a wide variety of options to maximize value, the Board unanimously concluded that partnering with Thoma Bravo was the best choice for Riverbed, as this transaction will provide our stockholders with significant and immediate cash value.

The private equity deal is the largest for the firm of Thoma Bravo to date.

http://ir.riverbed.com/phoenix.zhtml?c=198235&p=irol-newsArticle&ID=1999462


  • Previous networking investments by Thoma Bravo have included: Blue Coat Systems, Empirix, InfoVista, Keynote Systems, Sailpoint Technologies, and others.

Thursday, January 9, 2014

Riverbed Confirms Unsolicited Buyout Bid from Elliot Mgt for $19 per Share

Riverbed Technology confirmed an unsolicited proposal from Elliott Management Corporation to acquire all outstanding shares of Riverbed for $19.00 per share in cash.

Riverbed said its Board will review the offer and communicate its views in due course.

http://www.riverbed.com


  • Shares is Riverbed closed on Wednesday at $19.53, up $9.41%.

Monday, October 21, 2013

Tellabs to be Acquired to Marlin Equity Partners for $891 Million

Marlin Equity Partners, a Los Angeles California-based private investment firm with over US$1 billion of capital under management, will acquire all of the outstanding shares of Tellabs in a deal valued at $891 million ($2.45 per share in cash, representing a 4.3% premium over the closing price on October 18th).

"This transaction will deliver to Tellabs stockholders certainty of value and liquidity, immediately upon closing," said Vince Tobkin, Tellabs chairman. "Tellabs' Board of Directors arrived at the decision to enter into a transaction with Marlin after a thorough review of Tellabs' strategic alternatives and after more than 30 potential buyers, both strategic parties and financial sponsors, were contacted as part of a competitive bidding process.

“This deal reinforces Marlin’s long-term commitment to the telecommunications market sector and the business potential we believe is being driven by the concurrent demand for high-bandwidth mobile, video, and cloud-based services and applications,” said Pat DiPietro, an operating partner at Marlin. “Tellabs has an exceptionally strong heritage of technology innovation and customer-centric solutions, and we look forward to working closely with the Tellabs team to enhance long-term value for its premier customer base.

http://www.marlinequity.com/press/Tellabs_Press_Release.pdf
http://www.tellabs.com

  • Tellabs reported 2012 revenue of $1.05 billion with earnings per share (GAAP) of $.47.  The company has about 2,100 employees and is based in Naperville, Illinois.
  • Earlier this year, Marlin acquired the Optical Networks business unit of Nokia Siemens Networks as well as Sycamore Networks.  The companies were combined into Coriant, a new optical transport company headquartered in Munich, Germany.

Tuesday, December 11, 2012

TNS Accepts Acquisition Offer from Siris

TNS (NYSE: TNS), which offers a range of networks and value-added services that enable transactions and the exchange of information in diverse industries, will be privatized by an investor group led by Siris Capital Group.  The deal is valued at approximately $862 million, or $21.00 per share in cash, representing a premium of approximately 44% over the closing price on December 10, 2012 and 47% over TNS' volume weighted average share price during the last 30 days.

Among its activities,  operates the largest un-affiliated SS7 (Signaling System No. 7) networks in the United States. TNS also offers a suite of advanced signaling, intelligent database and nextgen services for telecom operators.
"Our Board is confident that this transaction is in the best interests of our stockholders, customers and employees," said Stephen X. Graham, Chairman of the Special Committee of the TNS Board. "Engaging with Siris will help TNS work toward our goal of transitioning from a legacy network provider to building various value-added data communication applications."

http://www.tnsi.com



  • TNS is based in Reston, Virginia.


See also