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Thoma Bravo builds out digital forensics portfolio with Magnet acquisition

Software private equity firm Thoma Bravo has signed a definitive agreement to buy Magnet Forensics. Magnet makes software tools to find digital evidence.

The deal, which would combine Magnet and Grayshift, another Thoma Bravo holding, awaits shareholder approval. Grayshift makes mobile device forensics software tools.

The resulting firm would be held by Morpheus Purchases, created by Thoma Bravo to complete the buyout.

Magnet alone would carry an aggregate total equity value of CA$1.8 billion (US$1.34 billion) on a fully diluted, in-the-money, treasury-method basis inclusive of rolling shares.

The combination is designed to produce an end-to-end digital investigations platform helping more police agencies globally to mete out justice, solve crimes and protect victims, according to Magnet executives.

Those owning outstanding subordinate voting shares of Magnet, with certain exceptions, would be paid CA$44.25 per share (US$33.06). So-called rolling shareholders will receive CA$39 (US$29.14) per subordinate voting share and multiple voting share.

Magnet’s purchase price would represent a premium of 15 percent based on the closing price of the subordinate shares on the Toronto Stock Exchange on January 19, the final trading day before the announcement. It would be a premium of 41 premium against the 90-trading day volume weighted average trading price per subordinated share on that same date.

Magnet founders Adam Belsher and Jad Saliba and Grayshift founders David Miles and Braden Thomas will remain in leadership positions in the combined company. Magnet’s chair, Jim Balsillie, will serve on the board of the company.

Thoma Bravo acquired Ping Identity and ForgeRock in a pair of deals last year, expanding a portfolio that already included enterprise digital ID provider Imprivata. Software private equity firm Thoma Bravo has signed a definitive agreement to buy Magnet Forensics. Magnet makes software tools to find digital evidence.

The deal, which would combine Magnet and Grayshift, another Thoma Bravo holding, awaits shareholder approval. Grayshift makes mobile device forensics software tools.

The resulting firm would be held by Morpheus Purchases, created by Thoma Bravo to complete the buyout.

Magnet alone would carry an aggregate total equity value of CA$1.8 billion (US$1.34 billion) on a fully diluted, in-the-money, treasury-method basis inclusive of rolling shares.

The combination is designed to produce an end-to-end digital investigations platform helping more police agencies globally to mete out justice, solve crimes and protect victims, according to Magnet executives.

Those owning outstanding subordinate voting shares of Magnet, with certain exceptions, would be paid CA$44.25 per share (US$33.06). So-called rolling shareholders will receive CA$39 (US$29.14) per subordinate voting share and multiple voting share.

Magnet’s purchase price would represent a premium of 15 percent based on the closing price of the subordinate shares on the Toronto Stock Exchange on January 19, the final trading day before the announcement. It would be a premium of 41 premium against the 90-trading day volume weighted average trading price per subordinated share on that same date.

Magnet founders Adam Belsher and Jad Saliba and Grayshift founders David Miles and Braden Thomas will remain in leadership positions in the combined company. Magnet’s chair, Jim Balsillie, will serve on the board of the company.

Thoma Bravo acquired Ping Identity and ForgeRock in a pair of deals last year, expanding a portfolio that already included enterprise digital ID provider Imprivata.  Read More   

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