Infoblox Said to Receive Buyout Approach From Thoma Bravoby and
Proposal comes a month after activist Starboard bought stake
California-based group now weighing whether to hire advisers
Infoblox Inc., a U.S. network software and cyber-security company, has received an offer to take the company private, according to people familiar with the matter.
Thoma Bravo, a technology-focused private equity firm, approached Infoblox’s management last week with a proposal to buy the company, said the people, who asked not to be identified because the information is private.
Infoblox is considering hiring advisers to study strategic options including an auction process, the people said. Shares rose as much as 20 percent Thursday to $18.42, valuing the company at about $1.1 billion.
Spokesman for Thoma Bravo and Infoblox declined to comment.
The approach comes a month after activist investor Starboard Value disclosed a stake of about 7 percent in the company. Starboard said that the “shares, when purchased, were undervalued and represented an attractive investment opportunity.” The company cut its full year revenue forecast by more than $15 million this week.
Infoblox, which is based in Santa Clara, California and went public in 2012, develops software products, including appliances that automate businesses’ computer-network functions. The company agreed to buy cyber-security group IID in February.