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Comments Off on Sophos Agrees $120M Deal for US Firm

Sophos Agrees $120M Deal for US Firm

Posted by Admin | February 8, 2017 | IT Security

Oxford-headquartered online security company Sophos has agreed a deal to acquire the commercial software products business of US-based Invincea for a fee that could rise to $120m (£96.1m).

Invincea is headquartered in Fairfax, Virginia, and has about 100 employees. It recorded billings of $13.4m in the 12 months to 31 March 2016.

The company develops malware protection with a presence in government, healthcare and financial services sectors.

Following the acquisition, Invincea will retain its office in the US and chief executive Anup Ghosh will join Sophos as an executive member of the senior management team.

Sophos will pay $100m in cash on competition for a further $20m to be paid if growth targets are achieved during the first year of ownership.

Kris Hagerman, Sophos chief executive, said: “By adding Invincea to our portfolio, Sophos is executing on its vision to assemble the most powerful technologies to provide the very best, cutting-edge defenses for our customers.

“Invincea is leading the market in machine learning-based threat detection with the combination of superior detection rates and minimal false positives.

“Invincea will strengthen Sophos’ leading next-gen endpoint protection with complementary predictive defenses that we believe will become increasingly important to the future of endpoint protection and allow us to take full advantage of this significant new growth opportunity.”

Sophos has also reported “strong momentum” in a trading update for the third quarter and nine-months ended 31 December 2016.

It said revenue had increased to $134.8m (£107.8m), up from $121.4 (£97.1m) in 2015/16, in the quarter with turnover for the year so far of $391.7m (£313.4m), an increase on $355.6m (£284.5m) the previous year.

Source: insidermedia

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