M&A · Tech · Services-Prepackaged Software
Proofpoint, Inc. to acquire Varonis Systems Inc
Announced Oct 15, 2026 · Pending Nov 6, 2026
Deal value$6.30BEV $5.93B
Premium52.0%To unaffected price
EV / Adj. EBITDA—8.6x EV / Revenue
ConsiderationAll cash$49.75 per share
Transaction
- Acquirer
- Proofpoint, Inc.
- Target
- Varonis Systems Inc (VRNS)
- Buyer type
- Strategic
- Offer price per share
- $49.75
- Enterprise value
- $5.93B
- Status
- Pending Nov 6, 2026
Deal protections
- Break fee (target pays)
- $212M · 3.4%
- Reverse fee (buyer pays)
- $423M · 6.7%
- Go-shop
- No-shop
- Financing
- Committed · JPMorgan, UBS
Advisors
- To the acquirer
- BofA Securities, Morgan Stanley, JPMorgan, UBS, Mizuho
- To the target
- Goldman Sachs
- Goldman Sachs fee
- $63.0M
Sector context · Tech
- Comparable deals
- 70 in the prior 24 months
- Premium
- 52.0% vs. 41.7% sector median
- EV / Adj. EBITDA
- Sector median 15.5x
- Break fee
- 3.4% vs. 3.0% sector median
Timeline
- AnnouncedOct 15, 2026
- Proxy filedNov 6, 2026
- Definitive proxyPending
- Shareholder votePending
- ClosedPending
Valuation · fairness opinions
Discounted cash flow$36.40$54.12
Future share price$39.26$65.21
Future share price$34.06$64.58
Offer $49.75
Implied value per Varonis Systems Inc share by analysis, from Goldman Sachs · DCF discount rate 10%–12%.