Proofpoint To Acquire Data Security Provider InteliSecure For $62.5M

Cybersecurity company Proofpoint, Inc. (NASDAQ: PFPT) inked an agreement to acquire data security provider InteliSecure, Inc for $62.5 million in cash to consolidate its cloud-based people-centric security platform. The acquisition is expected to close during the first quarter of 2021.
“The acquisition of InteliSecure will support our ability to collectively help our customers and partners with people-centric managed security services that leverage the technology and deep expertise of InteliSecure applied across Proofpoint’s market-leading security and compliance platforms. We eagerly anticipate welcoming InteliSecure’s employees to the Proofpoint team,” said Proofpoint CEO Gary Steele.
The acquisition has estimated revenue synergies of $10 million for FY21.
Proofpoint anticipates a multi-billion-dollar addressable market for people-centric managed security services that leverage the technology and expertise of InteliSecure across Proofpoint’s security and compliance platforms.
The acquisition of InteliSecure will add 150 employees to Proofpoint’s global team and boost its channel partner ecosystem’s service delivery and increase partners’ competitiveness.
Proofpoint’s closing cash equivalents stood at $910.3 million as of December 31, 2020.
Price action: PFPT shares are down 3.76% at $133.90 on the last check Monday.