Cybersecurity firm Proofpoint to buy European rival for over $1 billion as it eyes IPO

Cybersecurity firm Proofpoint is set to acquire European rival Hornetsecurity for north of $1 billion to strengthen its European presence as it explores a return to public markets. The deal marks the single largest acquisition in Proofpoint's history. The cybersecurity industry has seen heightened consolidation in recent months, with companies snapping up smaller competitors to bolster their offerings in an era of AI-fueled cybercrime. In March, Google announced a deal to acquire Israeli-founded cloud security startup Wiz for $32 billion, while last month Palo Alto Networks said it was buying AI-focused cyber startup Protect AI. Proofpoint, which is currently owned by private equity giant Thoma Bravo, told CNBC Thursday that the deal to buy Hornetsecurity would help deepen its expertise in the managed service provider (MSP) ecosystem. Headquartered in Hannover, Germany, Hornetsecurity specializes in managed cloud-based email security services to help protect firms from cyberattack ... Read full article.