PE Deals

ISS recommends Magnet Forensics takeover by Thoma Bravo

Based in Waterloo, Ontario, Magnet Forensics is a developer of digital investigation software.

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  • Thoma Bravo in January agreed to acquire Magnet Forensics for a total of C$1.8bn
  • ISS’ recommendation to Magnet shareholders to vote for the deal follows a similar recommendation made by Egan-Jones Proxy Services

Proxy advisor Institutional Shareholder Services (ISS) has recommended that shareholders of Magnet Forensics vote for the company’s acquisition by Thoma Bravo.

Based in Waterloo, Ontario, Magnet is a developer of digital investigation software. Thoma Bravo in January agreed to acquire the business for a total of C$1.8 billion.

All shareholders, except rolling shareholders, will receive all-cash consideration of C$44.25 per share.

In a release issued by Magnet, ISS was quoted as saying the following with respect of the valuation and consideration offered to shareholders: “…the offer represents a premium to the unaffected price, the sale process (and valuation) appears reasonable, and there are downside risks of non-approval.”

ISS is an independent proxy advisory firm based in Rockville, Maryland. Its recommendation to Magnet shareholders to vote for the deal follows a similar recommendation made by Egan-Jones Proxy Services.

Thoma Bravo is a software-focused private equity firm that managed more than $120 billion in assets as of 30 September 2022. It has offices in Chicago, San Francisco, London, Miami and New York.