Mimecast Rejects Thoma Bravo, Proofpoint Buyout Offer: Report

Mimecast rejected a buyout offer from Proofpoint (backed by private equity firm Thoma Bravo) because of potential antitrust risks in the email security market, Reuters reported.

The report surfaced roughly one month after Permira announced plans to acquire Mimecast for roughly $5.8 billion. That M&A agreement included a 30-day "go shop" period, which allowed Mimecast to solicit and consider additional buyout offers.

Proofpoint, backed by Thoma Bravo, made an offer for Mimecast that was 16% higher than the Permira agreement, but Proofpoint declined the higher offer inquiry amid antitrust concerns, Reuters said.

Meanwhile, the Permira-Mimecast deal is expected to close in the first half of 2022.

Mimecast Email Security Business Background, Challenges

Mimecast has 1,700 employees and 40,600 customers, according to the email security company’s website.

The Mimecast partner program spans resellers and MSPs. The company named Jonathan Corini as senior vice president of global channel sales in October 2020.

Mimecast’s business has experienced some turbulence over the past year. The company confirmed targeted layoffs in February 2021, and also disclosed a certificate compromise in January 2021.