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Home ยป BREAKING: Secureworks Agrees to $859 million Buy Out by Sophos

BREAKING: Secureworks Agrees to $859 million Buy Out by Sophos

...to Accelerate Cybersecurity Services and Technology for Organizations Worldwide

Joan Aimuengheuwa by Joan Aimuengheuwa
October 21, 2024
in Security
0
Sophos and Secureworks
Sophos | Secureworks acquisition deal

Sophos | Secureworks acquisition deal

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News Summary

  • Secureworks shareholders to receive $8.50 per share in cash
  • Sophos intends to integrate solutions from both companies into a broader and stronger security portfolio for all small, mid- and enterprise customers
  • By combining complementary AI-driven security platforms powered by automated prevention, detection and response, the two organizations can deliver advanced solutions for defeating modern, persistent adversaries even faster
  • The deal is expected to strengthen the security community by bringing together two industry leaders with shared mission-driven cultures

Sophos and Secureworks, two global leaders of innovative security solutions for defeating cyberattacks, today announced a definitive agreement for Sophos to acquire Secureworks.

The all-cash transaction is valued at approximately $859 million. Sophos is backed by Thoma Bravo, a leading software investment firm.

Sophosโ€™ experience and reputation as a leading provider of managed security services and end-to-end security products, combined with Secureworksโ€™ security operations expertise transformed into the Taegis platform, is expected to further deliver complementary advanced MDR and XDR solutions for the benefit of their global customer bases.

Together, they will help strengthen the resilience and security posture of global organizations of any size with a combination of security controls, AI, world-class threat intelligence, and two teams with decades of cybersecurity expertise.

Sophos expects to integrate solutions from both companies into a broader and stronger security portfolio benefiting small, mid- and enterprise customers.

This includes Sophos expanding its current portfolio with other new offerings like identity detection and response (ITDR), next-gen SIEM capabilities, operational technology (OT) security, and enhanced vulnerability risk prioritization.

As two partner-centric organizations, the combination of Sophos and Secureworks will enable the combined company to expand its market presence to create greater value within the channel and strengthen the overall security community.

โ€œSecureworks offers an innovative, market-leading solution with their Taegis XDR platform. Combined with our security solutions and industry leadership in MDR, we will strengthen our collective position in the market and provide better outcomes for organizations of all sizes globally, said Joe Levy, CEO of Sophos. โ€œSecureworksโ€™ renowned expertise in cybersecurity perfectly aligns with our mission to protect businesses from cybercrime by delivering powerful and intuitive products and services. This acquisition represents a significant step forward in our commitment to building a safer digital future for all.โ€

Cyber risk continues to escalate, driven by a rampant cybercriminal ecosystem and global geopolitical pressures.

Combined, Sophos and Secureworks share a long history of having exceptional threat intelligence, security operations, incident response, and innovative security product capabilities that help organizations defeat these adversaries.

โ€œOur mission at Secureworks has always been to secure human progress. Sophosโ€™ portfolio of leading endpoint, cloud, and network security solutions โ€“ in combination with our XDR-powered managed detection and response โ€“ is exactly what organizations are looking for to strengthen their security posture and collectively turn the tide against the adversary,โ€ said Wendy Thomas, CEO, Secureworks. โ€œAs Joe and I both believe, this transaction will strengthen our go-to-market offering with Sophosโ€™ global scale, expertise and reputation.โ€

Transaction Details

Under the terms of the agreement, Sophos intends to acquire Secureworks in an all-cash transaction valued at $859 million.

Secureworks shareholders, including Dell Technologies (NYSE:DELL), will receive $8.50 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. Additional information regarding this announcement can be found in the Form 8-K filed by Secureworks with the United States Securities and Exchange Commission (SEC) on Oct. 21, 2024.

Kirkland & Ellis LLP is acting as legal counsel to Sophos and Goldman Sachs & Co. LLC., Barclays, BofA Securities, HSBC Securities (USA) Inc. and UBS Investment Bank are acting as financial advisors and providing debt financing for the transaction. Piper Sandler & Company and Morgan Stanley & Co. LLC are acting as financial advisors to Secureworks and Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel.

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