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4 years ago

Magnet Forensics Inc. Enters Into Definitive Agreement to be Acquired by Thoma Bravo

TORONTO-(BUSINESS WIRE)- Magnet Forensics Inc., developer of digital investigation solutions for more than 4,000 enterprises and public safety organizations, is pleased to announce that it has entered into a definitive arrangement agreement with Morpheus Purchaser Inc., a newly created corporation controlled by Thoma Bravo, a leading software investment firm, whereby the Purchaser will acquire the Company, subject to obtaining shareholder and other customary approvals. Following the closing of the Transaction, Thoma Bravo intends to combine the Company and Grayshift LLC, which Thoma Bravo acquired majority control of in July 2022. "We believe the combination of Magnet and Grayshift will unlock tremendous value for our customers by further integrating and expanding our product suite which will result in more seamless workflows in the recovery and analysis of critical digital evidence to investigations and ultimately contribute to our shared mission of the pursuit of justice," said Adam Belsher, CEO of Magnet. "We look forward to partnering with Thoma Bravo and Grayshift to build upon our digital investigation suite to further innovate and continue to serve a growing number of organizations and use cases. We are confident that this transaction - joining two complementary organizations to form a new private company - offers the most compelling value creation for all our stakeholders and is a testament to the value of digital investigation solutions, the Magnet platform, our talented team, and loyal customer base." "Digital evidence is an increasingly critical aspect of investigations and the combined company will be well-positioned to further market expansion, accelerate innovation, and provide even greater solutions to its customers. We look forward to leveraging Thoma Bravo's deep industry, operational and investment expertise to help the combined company capture the tremendous growth opportunities ahead.". The Company entered into the Arrangement Agreement based on the unanimous approval of the Company's board of directors and the unanimous recommendation of a committee of independent directors, that the Transaction is fair from a financial point of view to the holders of the Shares, and is in the best interests of the Company. The Board, with Messrs Saliba, Belsher and Balsillie declaring their conflicts of interest and abstaining from voting, unanimously approved the Arrangement Agreement following receipt of the unanimous recommendation of the Special Committee, which was appointed by the Board to, among other matters, review strategic alternatives for the Company including the Transaction, consider the Company's best interests and the implications to shareholders and other stakeholders, and provide the Board with advice and recommendations with respect to the Transaction.

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