Exclusive Networks is being tapped up by a group of investors who want to take it private less than three years after its IPO.
The cybersecurity VAD yesterday confirmed it has received a “non-binding indication of interest” from a consortium of investors that includes its majority shareholder.
The €24 a share approach would value Exclusive at €2.2bn, according to a Bloomberg report the previous day.
Despite its dramatic growth, the Paris-based VAD’s share price has struggled to make headway since the IPO.
The investor group is led by Permira, a private equity house that first invested in the Paris-based cybersecurity VAD in 2018, and remained its largest shareholder following its IPO in September 2021, as well as Clayton Dubilier & Rice.
“There can be no certainty at this stage that these discussions will result in any agreement or transaction, or as to the terms, conditions, and timing of any transaction,” Exclusive stated.
“A further announcement may be made if and when appropriate.”
Euronext Paris-listed Exclusive has doubled gross sales in the last three years, with the total hiking 14% to top €5.15bn in its most recent fiscal 2023 period, CEO Jesper Trolle emphasised in February.
In March, the Fortinet and Palo Alto Networks distributor claimed it became “the clear go to market leader its Australian and New Zealand” when it acquired €160m-revenue outfit NEXTGEN.
Canalys forecasts that the global cybersecurity technology market will grow 10% in 2024, down slightly on the 11% growth recorded in 2023.
“After a slower start in Q1, we expect growth rates will pick up again in H2,” Canalys Chief Analyst Matthew Ball said.
