Gigamon announced the successful completion of its acquisition by Elliott Management, a multi-strategy private investment firm, and the Qatar Investment Authority (QIA).
Elliott’s investment is being led by its private equity affiliate, Evergreen Coast Capital. The acquisition, valued at approximately $1.6 billion, was approved by Gigamon shareholders on December 22, 2017. As a result of the completion of the transaction, shareholders will receive $38.50 per share in cash and Gigamon common stock will no longer be listed for trading on the NYSE.
“This is a pivotal day for Gigamon employees, customers and partners around the world. With the acquisition complete, our team will continue to execute strategic initatives that will both empower our customers with new, rich functionality and drive Gigamon to the next level of growth,” said Paul Hooper, CEO of Gigamon. “As a private company, we will continue to build upon our leading technology foundation and transform the market we created and lead. With our Security Delivery Platform, we are in a unique position to enable NetOps and SecOps teams to work together addressing the common goal of securing their enterprise while containing costs and minimizing complexity. Working closely with Evergreen, we are entering a new and exciting era.”
“This is a landmark transaction for Evergreen and Elliott,” said Jesse Cohn, Partner at Elliott. “We are deeply committed to the success of Gigamon as it continues to innovate and deliver customer value. Gigamon’s market-leading platform and position in next-generation infrastructure represents significant potential for the future.”
“The IT landscape is being transformed through massive and disruptive change, and partnering with a market-leading organization and world-class executives to drive this disruption represents a fantastic opportunity,” said Isaac Kim, Managing Director of Evergreen Coast Capital. “We are excited to work with Gigamon to accelerate the delivery of innovative new offerings, transform its go-to-market approach and maximize the company’s potential.”
“We believe Gigamon is well positioned at the crossroads of the secular changes in technology driven by data growth, security, networking and the cloud. We look forward to maximizing the value of this unique asset for all stakeholders. Our investment marks QIA’s ongoing commitment to investing in high quality technology, media and telecommunications assets,” said a spokesperson for the QIA.
The Gigamon portfolio of security and network solutions empowers organizations in financial services, healthcare, high tech and the public sector to effectively manage, secure and understand all the data in motion across their networks. Gigamon solutions have been deployed by many of the world's leading organizations including 427 of the Fortune 500 and 10 of the top 10 U.S. federal agencies. Gigamon has more than 2,600 customers today and employs over 750 people across offices globally.
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