Sophos, a cybersecurity firm backed by Thoma Bravo, has announced its intention to acquire Secureworks from Dell Technologies for USD 859 million in cash. According to the agreement, Secureworks shareholders, including Dell, will receive USD 8.50 per share. The transaction is expected to close in early 2025.
Founded in 1998, Secureworks is known for its flagship cloud-based platform, Taegis, which focuses on detecting advanced cybersecurity threats. However, the company has struggled to differentiate its offerings in a competitive market, leading to financial difficulties, including a reported loss of 17 cents per share in its most recent quarter ending 31 July.
Dell Technologies had previously engaged investment bankers from Morgan Stanley and Piper Sandler to evaluate interest from potential buyers, including private equity firms, after earlier unsuccessful attempts to sell Secureworks.
Dell originally acquired Secureworks for USD 612 million in 2011 and took it public through an initial public offering in 2016. The company had also considered a sale in 2019.