SonicWALL Chief Lauds Private Equity Move by Thoma Bravo
SonicWALL chief lauds private equity move
SonicWALL CEO Matt Medeiros has lauded the firm’s acquisition by private equity outfit Thoma Bravo LLP last June, saying it has refocused the company and allowed it to move into the enterprise space without pressure from financial analysts.
Speaking to MicroScope ahead of the network security vendor’s partner conference, which is taking place this week in Reading, Medeiros revealed that there had been several other firms circling SonicWALL during the summer of 2010, but Thoma Bravo’s offer had made the most sense.
“That choice was best for us because it meant we didn’t get absorbed into a technology company where we would have had all the complexities of consolidation,” he said.
The $717m acquisition of SonicWALL, which until recently specialised in network monitoring and remote access tools in the SMB space, was sold by Thoma Bravo as a means to grow the company through both organic growth and potential acquisitions.
Said Medeiros: “SonicWALL was approaching a major shift in its business direction. We had signalled to Wall Street for some time that we wanted to go for the enterprise market, but the Street’s expectation of that process was shorter than ours.”
He added: “It has taken us off the technology radar. We are no longer visible to the competition, but we can take the time to be more visible to the channel and their customers.”