Proofpoint Reportedly in Talks to Buy Varonis, Reuters Says

Reuters reported on September 2, 2026, that Thoma Bravo-owned Proofpoint was in discussions to acquire cybersecurity company Varonis Systems, citing a source familiar with the matter. The report did not establish that an agreement had been reached, and a deal was not assured. 2

Varonis, a Miami-headquartered cybersecurity company, had a market value of about $5 billion at the time. Its shares closed more than 10% higher after the report. 2

What was known about the discussions

The reported negotiations remained private. Thoma Bravo declined to comment, and Proofpoint and Varonis did not immediately respond to Reuters' requests for comment. That left the status, price and timing of any potential transaction unknown. 2

The key distinction is that Reuters described discussions, not a signed acquisition agreement. Until the companies announce terms, the reported deal should be treated as preliminary and uncertain. 2

Why Varonis was in focus

Varonis provides cybersecurity services and had more than 2,400 employees across 14 offices globally, according to Reuters. 2

Its shares had already risen roughly 30% after June reports that the company was considering a sale amid interest from private-equity firms. The further gain following the Proofpoint report reflected investors' response to the possibility of a transaction, rather than confirmation that one would close. 2

The Proofpoint and Thoma Bravo context

Thoma Bravo agreed in 2021 to acquire Proofpoint in a deal valuing the cybersecurity company at about $12.3 billion. 15

Reuters said the proposed combination could bring together complementary data-security businesses, with potential implications for protecting sensitive corporate information and managing access to it. But the companies had not publicly detailed a product strategy or integration plan. 2

A cautious cybersecurity M&A backdrop

The reported talks came during a broader slowdown in cybersecurity dealmaking. Reuters said investors were concerned that rapid advances in AI could trigger a shakeout among software companies. 2

That backdrop makes the report notable, but it does not answer the central open question: whether Proofpoint and Varonis would reach, announce and complete an agreement. As of Reuters' September 2 report, that outcome remained uncertain. 2