Thoma Bravo announced on Monday that it will buy Proofpoint Inc in an all-cash deal estimated at about $12.3 billion, at a time when remote working due to the pandemic has fueled an increase in demand for network security.
As more companies move to the cloud to operate their operations and cyberattacks become more common, interest in cybersecurity firms has risen. According to CB Insights, cybersecurity industry funding hit an all-time high of $11.4 billion last year, up nearly 50% from 2018.
Thoma Bravo, which focuses primarily on software and technology firms, has been increasing its stake in the market.