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What Jim Cramer Likes About the Proofpoint Deal

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Thoma Bravo will take over Proofpoint in a $12.3 billion deal that would take Proofpoint private. 

TheStreet's Martin Baccardax pointed out that Proofpoint shareholders will receive $176 in cash for each outstanding share, a 33.55% premium to its Friday closing price, in a deal that will see it taken off the Nasdaq and mark the second take-private deal from Thoma Bravo this year, following the $11.1 billion deal for app software group ironSource through Thoma Bravo Advantage (TBA) - Get Report, a special purpose acquisition company, or SPAC, that went public in January.

“Proofpoint has established itself as a true powerhouse in the cybersecurity sector due to its innovative suite of market-leading products and impressive customer base of leading companies around the world,” said Thomas Bravo partner Chip Virnig. “As the sophistication of cyberattacks continues to increase, Proofpoint is delivering the most effective solutions to help organizations protect their data and people across digital platforms."

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