SonicWall Inc., which competes with Cisco Systems Inc. in Internet security equipment, agreed to be taken over for $717 million by an investor group led by Thoma Bravo LLC, a buyout firm that invests in software companies.
The investor group, which includes a unit of Ontario Teachers’ Pension Plan, offered $11.50 for each SonicWall share, 28 percent more than the last trading price for the stock, according to a statement dated June 2. The board of SonicWall has unanimously approved the takeover plan, it said.
The proposed acquisition came after Thoma Bravo’s Vision Solutions Inc. last month agreed to buy Double-Take Software Inc. in a $242 million deal. Thoma Bravo, based in Chicago, last month said it completed its $143 million takeover of Plato Learning Inc.
SonicWall shares rose 3.1 percent to close at $8.99 in U.S. trading yesterday, and have risen 18 percent this year, outperforming the 0.5 percent gain by the Nasdaq Composite Index.
Sunnyvale, California-based SonicWall said in April its first-quarter net income more than doubled to $4.4 million, after sales increased 17 percent to $55 million.