SonicWall agrees to sell itself to investors for $717 million
03 Jun 2010
SonicWall, the US-based internet security solutions provider, is going the private equity way, after it agreed to sell itself to a group of investors for $717 million.
SonicWall will receive $11.50 per share in cash, representing a premium of 28 per cent to its yesterday's closing from private equity firm Thoma Bravo and Ontario Teachers' Pension Plan.
The buy-out firm is routing the transaction through its private investor department, Teachers' Private Capital.
San Jose, California-based SonicWall, was set up by two brothers of Indian origin - Sreekanth and Sudhakar Ravi - in 1991, under the name of Sonic Systems. The company later changed its name to SonicWall to match its hit security product branded 'SonicWall' - a dedicated hardware appliance with firewall and VPN software.
SonicWall develops advanced intelligent network security and data protection solutions that adapt as organisations evolve and, along with it, new threats.
SonicWall's solutions are designed to detect and control applications and protect networks from intrusions and malware attacks through hardware, software and virtual appliance-based solutions.
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