Thoma Bravo, the software-focused buyout firm, agreed to acquire cybersecurity and compliance firm Proofpoint in a deal it said values the business at about $12.3 billion.

The private equity firm is offering $176 a share in cash, representing a 34% premium to Proofpoint’s April 23 closing price, according to a statement Monday. Proofpoint’s board has unanimously approved the deal, which still needs approval from shareholders as well as regulatory clearance.

Proofpoint offers cloud-based threat detection, data archiving and information protection services to corporate customers. The acquisition will add to the $15.5 billion of private-equity takeovers in the technology industry announced this year, according to data compiled by Bloomberg.

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Source: Pensions & Investment

By Bloomberg