Sophos launches �217m offer for Utimaco

Sophos is set to buy Utimaco Safeware AG with a voluntary public takeover offer of €217m in cash for all outstanding Utimaco shares.

This part of the deal will be for cash and Sophos stock upon the takeover offer becoming unconditional, said Sophos CEO Steve Munford (pictured above).

At a time when data loss has joined viruses as a key concern for IT professionals, this intended combination furthers Sophos’s Security and Control strategy, Munford added: “Companies of all sizes are looking to protect against external and internal threats, with one manageable solution.”

Sophos recently announced results for the fiscal year ending 31 March, 2008 with billings of $213.9m and free cashflow of $41.8m, up 28 per cent and 41 per cent on the previous year, respectively. Cash balance at 31 March 2008 stood at $139.3m. Utimaco Safeware AG, with headquarters near Frankfurt, reported revenues of €55.9m and EBITDA of €11.1m for the four quarters ending 31 March 2008.

The offer will be subject to an offer acceptance level of at least 50.5 per cent of the issued share capital of Utimaco, as well as other customary conditions. Sophos says that the transaction will be financed through its existing cash, new debt facilities, and equity. Sophos has secured fully committed financing from HSBC and RBS; private equity firm and existing Sophos shareholder TA Associates is also believes to be among the investors.

On completion of the deal Utimaco will become a business unit within the Sophos group focused on data security, while retaining its well-established, SafeGuard product under the Sophos brand.

Further information:
www.sophios.com
www.utimaco.com

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