Cybersecurity Market Review
2dxNAQC
2dxNAQC
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Vista Equity Acquires Infoblox<br />
Marks Vista’s Second <strong>Cybersecurity</strong> Acquisition This Year Having Acquired Ping Identity In June.<br />
Transaction Overview<br />
Date:<br />
EV / LTM Rev:<br />
acquires<br />
EV / NTM Rev:<br />
EV / LTM EBITDA:<br />
EV / NTM EBITDA:<br />
9/19/2016<br />
3.5x<br />
3.4x<br />
NM<br />
18.0x<br />
Share Price ($)<br />
28<br />
26<br />
24<br />
22<br />
20<br />
18<br />
16<br />
Infoblox Overview<br />
Vista Purchase Price @ $26.50 / Share<br />
§ 33%premium to closing share price over last 60 days<br />
§ 16% premium to price of $22.83 on day prior to announcement<br />
§ 73% premium to unaffected closing price as of May 11, 2016 when media<br />
first reports of interest in acquiring Infoblox by Thoma Bravo<br />
14<br />
Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16<br />
With Infoblox Actionable Network Intelligence, you gain a platform that provides all the capabilities you need to more<br />
easily control, secure, and analyze your network<br />
CONTROL SECURE AUTOMATE <br />
Infoblox Network Automation Infoblox Network Security Infoblox Network Automation <br />
Network Security<br />
$1.25 Billion<br />
Repor&ng & <br />
Analy&cs <br />
Private Cloud/ <br />
Virtualiza&on <br />
DNS Traffic <br />
Control <br />
Threat <br />
Insight <br />
Advanced DNS <br />
Protec&on <br />
DNS <br />
Firewall <br />
NetMRI <br />
Vista Equity Partners Security Portfolio<br />
Date Company Amount ($M)<br />
September 2016<br />
1,254.3 (acquisition)<br />
June 2016<br />
600.0 (acquisition)<br />
April 2015<br />
335.0 (20% stake)<br />
December 2015<br />
Series F Lead ($35M)<br />
Rationale<br />
“Vista has an excellent track record of supporting and adding value to technology companies, and we are thrilled to bring on<br />
a partner of their caliber and strategic expertise. This transaction will provide immediate and substantial value to Infoblox<br />
stockholders, while also giving Infoblox greater flexibility to execute on our long-term strategy to drive increased DDI<br />
automation and DNS security into the enterprise market. We are excited to begin our partnership with Vista and look<br />
forward to leveraging their operational insights as we continue to deliver the industry-leading products, solutions and<br />
customer service on which our customers rely.” – Jesper Andersen, President & CEO, Infoblox<br />
Source: Company press releases and websites, 451 Research. 18
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