Thoma Bravo To Acquire Magnet Forensics

Magnet Forensics Inc., (TSX: MAGT), a Toronto, Canada-based developer of digital investigation solutions to enterprises and public safety organizations, entered into a definitive arrangement agreement with Morpheus Purchaser Inc., a newly created corporation controlled by software investment firm Thoma Bravo, whereby Morpheus Purchaser will acquire the company, subject to obtaining shareholder and other customary approvals.

The agreement represented an aggregate total equity value of approximately CA$1.8 billion. Upon completion of the deal, Magnet will become a privately held company.

Founded in 2010, Magnet is a developer of digital investigation software that acquires, analyzes, reports on, and manages evidence from digital sources, including computers, mobile devices, IoT devices and cloud services. The company’s software is used by more than 4,000 public and private sector customers in over 100 countries and helps investigators fight crime, protect assets and guard national security. .

Following the closing of the Transaction, Thoma Bravo intends to combine the company and Grayshift LLC, which Thoma Bravo acquired majority control of in July 2022. The companies’ complementary offerings are expected to create an end-to-end digital investigations platform empowering more public safety agencies around the world to seek justice, solve crimes, and protect victims.

Grayshift is a provider of mobile device digital forensics, specializing in lawful access and extraction. By combining Grayshift’s mobile access and extraction capabilities with Magnet’s digital investigation suite, customers are expected to be able to leverage the platform to extract, process, examine, collaborate on and manage digital forensic evidence. Adam Belsher and Jad Saliba, Founders of Magnet, and David Miles and Braden Thomas, Founders of Grayshift, will each hold critical leadership positions in the combined company. Magnet’s Chair, Jim Balsillie, will serve on the board of the combined company.

FinSMEs

23/01/2023