Thoma Bravo's Proofpoint to buy Varonis for $6.3B

Proofpoint, owned by Thoma Bravo, agreed to acquire data security firm Varonis Systems for $6.3 billion, about six times forward annual recurring revenue versus roughly eight times for Qualys. The deal expands Proofpoint beyond email protection into data security and AI-agent access control and is set to close in the first half of 2027.

• Varonis valued at about 6x forward ARR, versus roughly 8x for Qualys
• Proofpoint generates over $1 billion in EBITDA before the acquisition
• Cybersecurity M&A hit a record 170 deals in Europe and North America in Q3
• Thoma Bravo plans another deal of similar size within 12 months