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Quest Software Announces End of “Go-Shop” Period; Board Special Committee Designates Multiple Parties as Qualified Go-Shop

  Quest Software Announces End of “Go-Shop” Period; Board Special Committee
  Designates Multiple Parties as Qualified Go-Shop Bidders

Business Wire

ALISO VIEJO, Calif. -- May 09, 2012

Quest Software, Inc. (Nasdaq:QSFT) (the “Company”) today announced the
expiration of the 60-day “go-shop” period provided for under the terms of the
previously announced merger agreement (the “Merger Agreement”) between the
Company and affiliates of Insight Venture Partners (“Insight”).

During the “go-shop” period, representatives of Morgan Stanley & Co. LLC
(“Morgan Stanley”), financial advisor to a Special Committee of the Company’s
Board of Directors (the “Special Committee”), engaged in a broad solicitation
of strategic and financial parties potentially interested in pursuing an
alternative transaction with the Company.

Prior to the expiration of the “go-shop” period, the Special Committee
received multiple written proposals for potential alternative transactions
with the Company. After consulting with its financial and legal advisors, the
Special Committee has determined, pursuant to Section 5.2(a) of the Merger
Agreement, that multiple proposals (each, an “alternative proposal,” and
together, the “alternative proposals”) are reasonably expected to lead to a
superior proposal (as defined in the Merger Agreement), and also has
determined that the parties from which the Special Committee received these
alternative proposals are “Qualified Go-Shop Bidders” (as defined in the
Merger Agreement).

Subject to certain conditions set forth in the Merger Agreement, the Company
may continue to furnish information to and engage in further discussions and
negotiations with such Qualified Go-Shop Bidders.

The Special Committee has not yet determined that any of the alternative
proposals constitute a superior proposal under the Merger Agreement. The
alternative proposals are subject to several conditions, including completion
of due diligence and the negotiation of mutually acceptable definitive
agreements. Accordingly, there can be no assurance that any of the alternative
proposals will ultimately lead to a superior proposal as discussions and
negotiations with the Qualified Go-Shop Bidders could terminate at any time.
The Special Committee has not changed its recommendation with respect to, and
continues to support, the Company’s pending merger with Insight pursuant to
the Merger Agreement.

About Quest Software, Inc.

Established in 1987, Quest Software (Nasdaq: QSFT) provides simple and
innovative IT management solutions that enable more than 100,000 global
customers to save time and money across physical and virtual environments.
Quest products solve complex IT challenges ranging from database management,
data protection, identity and access management, monitoring, user workspace
management to Windows management.

Additional Information and Where to Find It

This communication may be deemed to be solicitation material in respect of the
proposed merger of the Company with an affiliate of Insight. In connection
with the proposed transaction with Insight, the Company has filed a
preliminary proxy statement and other relevant materials with the Securities
and Exchange Commission (“SEC”), and intends to file a definitive proxy
statement and other relevant materials. The definitive proxy statement will be
sent or given to the stockholders of the Company and will contain important
information about the proposed transaction and related matters. BEFORE MAKING
ANY VOTING DECISION, QUEST SOFTWARE’S STOCKHOLDERS ARE URGED TO READ THE PROXY
STATEMENT AND THOSE OTHER MATERIALS CAREFULLY AND IN THEIR ENTIRETY BECAUSE
THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY AND THE PROPOSED
TRANSACTION. The proxy statement and other relevant materials (when they
become available), and any other documents filed by Quest Software with the
SEC, may be obtained free of charge at the SEC’s website at www.sec.gov. In
addition, security holders will be able to obtain free copies of the proxy
statement from Quest Software by contacting Quest Software’s Investor
Relations by telephone at (949) 754-8000, or by mail at Quest Software, Inc.,
5 Polaris Way, Aliso Viejo, California 92656, Attention: Investor Relations,
or by going to Quest Software’s Investor Relations page on its corporate web
site at www.quest.com.

Participants in the Solicitation

Quest Software and its directors and executive officers may be deemed to be
participants in the solicitation of proxies from the stockholders of Quest
Software in connection with the proposed merger. Information regarding the
interests of these directors and executive officers in the transaction
described herein has been included in the preliminary proxy statement
described above and will be included in the definitive proxy statement to be
filed with the SEC. Additional information regarding these directors and
executive officers is included in Quest’s amended Annual Report on Form
10-K/A, which was filed with the SEC on April 30, 2012.

Forward-Looking Statements

This release may include predictions, estimates and other information that
might be considered forward-looking statements. These statements are based on
current expectations and assumptions that are subject to risks and
uncertainties. Actual results could differ materially from those anticipated
as a result of various factors. If the proposed transaction is consummated,
our unaffiliated stockholders will cease to have any equity interest in the
Company and will have no right to participate in its earnings and future
growth. Additional factors that may affect the future results of the Company
are set forth in its filings with the SEC, including its Annual Report on Form
10-K for the year ended December 31, 2011, which is available on the SEC’s
website at www.sec.gov. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date thereof. The
Company undertakes no obligation to update forward-looking statements to
reflect events or circumstances after the date thereof.

Contact:

Quest Software, Inc.
Media:
Tracy Benelli, 949-754-8633
Tracy.Benelli@quest.com
or
The Abernathy MacGregor Group
Tom Johnson, 212-371-5999
TBJ@abmac.com
or
James Lucas, 213-630-6550
JBL@abmac.com
or
Investors:
Stephen Wideman, 949-754-8142
stephen.wideman@quest.com
 
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