Form 8-K Sailpoint Technologies For: May 17
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
SailPoint Announces Expiration of Go-Shop Period
Transaction Is Expected to Close in the Second Half of 2022
AUSTIN, Texas, May 17, 2022 SailPoint Technologies Holdings, Inc. (NYSE: SAIL) (SailPoint), the leader in enterprise identity security, today announced the expiration of the 35-day go-shop period under the terms of the previously announced definitive agreement, pursuant to which Thoma Bravo, L.P. (Thoma Bravo), a leading software investment firm, will acquire SailPoint in an all-cash transaction for $65.25 per share. The go-shop period expired at 11:59 p.m. (Eastern Time) on May 16, 2022.
During the go-shop period, SailPoints Board of Directors, with the assistance of Morgan Stanley & Co. LLC, actively solicited alternative acquisition proposals from potentially interested third parties; however, during the go-shop period, SailPoint did not receive any alternative acquisition proposals from any third party.
Following the expiration of the go-shop period, SailPoint became subject to customary no-shop restrictions that limit its and its representatives ability to solicit alternative acquisition proposals from third parties, subject to customary fiduciary out provisions.
The transaction is expected to close in the second half of 2022, subject to customary closing conditions including approval by SailPoint stockholders and receipt of regulatory approvals. Upon closing of the transaction, SailPoints common stock will no longer be listed on any public market. The Company will continue to be headquartered in Austin, Texas.
SailPoint is the leader in identity security for the modern enterprise. Harnessing the power of AI and machine learning, SailPoint automates the management and control of access, delivering only the required access to the right identities and technology resources at the right time. Its sophisticated identity platform seamlessly integrates with existing systems and workflows, providing the singular view into all identities and their access. We meet customers where they are with an intelligent identity solution that matches the scale, velocity and environmental needs of the modern enterprise. SailPoint empowers the most complex enterprises worldwide to build a security foundation grounded in identity security. More information is available at www.sailpoint.com.
Important Information and Where to Find It
In connection with the proposed transaction between SailPoint and Thoma Bravo, SailPoint will file with the Securities and Exchange Commission (SEC) a proxy statement (the Proxy Statement), the definitive version of which will be sent or provided to SailPoint stockholders. SailPoint may also file other documents with the SEC regarding the proposed transaction. This document is not a substitute for the Proxy Statement or any other document which SailPoint may file with the SEC. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of the Proxy Statement (when it is available) and other documents that are filed or will be filed with the SEC by SailPoint through the website maintained by the SEC at www.sec.gov, SailPoints investor relations website at https://investors.sailpoint.com/ or by contacting the SailPoint investor relations department at the following: [email protected]
Participants in the Solicitation
SailPoint and certain of its directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding SailPoints directors and executive officers, including a description of their direct interests, by security holdings or otherwise, is contained in SailPoints proxy statement for its 2022 annual meeting of stockholders, which was filed with the SEC on March 18, 2022. SailPoint stockholders may obtain additional information regarding the direct and indirect interests of the participants in the solicitation of proxies in connection with the proposed transaction, including the interests of SailPoint directors and executive officers in the transaction, which may be different than those of SailPoint stockholders generally, by reading the Proxy Statement and any other relevant documents that are filed or will be filed with the SEC relating to the transaction. You may obtain free copies of these documents using the sources indicated above.
Cautionary Statement Regarding Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on SailPoints current expectations, estimates and projections about the expected date of closing of the proposed transaction and the potential benefits thereof, its business and industry, managements beliefs and certain assumptions made by SailPoint and Thoma Bravo, all of which are subject to change. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as expect, anticipate, intend, plan, believe, could, seek, see, will, may, would, might, potentially, estimate, continue, expect, target, similar expressions or the negatives of these words or other comparable terminology that convey uncertainty of future events or outcomes. All forward-looking statements by their nature address matters that involve risks and uncertainties, many of which are beyond our control, and are not guarantees of future results, such as statements about the consummation of the proposed transaction and the anticipated benefits thereof. These and other forward-looking statements, including the failure to consummate the proposed transaction or to make or take any filing or other action required to consummate the transaction on a timely matter or at all, are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements and caution must be exercised in relying on forward-looking statements. Important risk factors that may cause such a difference include, but are not limited to: (i) the completion of the proposed transaction on anticipated terms and timing, including obtaining shareholder and regulatory approvals, anticipated tax treatment, unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies for the management, expansion and growth of SailPoints business and other conditions to the completion of the transaction; (ii) the impact of the COVID-19 pandemic on SailPoints business and general economic conditions; (iii) SailPoints ability to implement its business strategy; (iv) significant transaction costs associated with the proposed transaction; (v) potential litigation relating to the proposed transaction; (vi) the risk that disruptions from the proposed transaction will harm SailPoints business, including current plans and operations; (vii) the ability of SailPoint to retain and hire key personnel; (viii) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed transaction; (ix) legislative, regulatory and economic developments affecting SailPoints business; (x) general economic and market developments and conditions; (xi) the evolving legal, regulatory and tax regimes under which SailPoint operates; (xii) potential business uncertainty, including changes to existing business relationships, during the pendency of the merger that could affect SailPoints financial performance; (xiii) restrictions during the pendency of the proposed transaction that may impact SailPoints ability to pursue certain business opportunities or strategic transactions; and (xiv) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism or outbreak of war or hostilities, as well as SailPoints response to any of the aforementioned factors. These risks, as well as other risks associated with the proposed transaction, are more fully discussed in the Proxy Statement to be filed with the SEC in connection with the proposed transaction. While the list of factors presented here is, and the list of factors presented in the Proxy Statement will be, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on SailPoints financial condition, results of operations, or liquidity. SailPoint does not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.
# # #
ICR for SailPoint
Brian Denyeau, 512-664-8916
Media Relations for SailPoint
VP, Corporate Marketing, 978-793-0085
Sr. PR & Corp Comms Manager, 956-878-9176
Media Relations for Thoma Bravo
Thoma Bravo Communications
Finsbury Glover Hering
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- One28 Launches DJ App in Europe
- OpenSolar and Plenti Launch 0% Interest Finance for Australian Solar Customers
- Neptune Reschedules Release of Fourth Quarter and Full Year 2022 Financial Results and Date of Earnings Call
Create E-mail Alert Related CategoriesSEC Filings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!