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Elliott and Siris consider sale of Gigamon in deal above $2bn
The process is at an early stage, with Elliott and Siris hiring Bank of America and Perella Weinberg Partners to advise.
Activist investors Elliott Investment Management and Siris Capital are considering a sale of network infrastructure software provider Gigamon, in a deal that could value the company at more than $2bn, according to a Reuters report citing unnamed people familiar with the matter.
The investors have appointed Bank of America and Perella Weinberg Partners to advise on the potential transaction, which remains at an early stage and is being handled confidentially, the sources said.
Gigamon, based in Santa Clara, California, develops software used to monitor network traffic and identify security threats. The company has more than 4,000 customers worldwide, including financial institutions, healthcare organizations and government agencies.
According to the sources, Gigamon generates more than $400m in annual recurring revenue and about $170m in EBITDA. The process could attract interest from private equity investors and strategic buyers, Reuters reported.