Benzinga | Feb 22, 2021 12:12PM EST

Proofpoint To Acquire Data Security Provider InteliSecure For $62.5M

* Cybersecurity company Proofpoint, Inc. (NASDAQ: PFPT) inked an agreement to acquire data security provider InteliSecure, Inc for $62.5 million in cash to consolidate its cloud-based people-centric security platform. The acquisition is expected to close during the first quarter of 2021.

* "The acquisition of InteliSecure will support our ability to collectively help our customers and partners with people-centric managed security services that leverage the technology and deep expertise of InteliSecure applied across Proofpoint's market-leading security and compliance platforms. We eagerly anticipate welcoming InteliSecure's employees to the Proofpoint team," said Proofpoint CEO Gary Steele.

* The acquisition has estimated revenue synergies of $10 million for FY21.

* Proofpoint anticipates a multi-billion-dollar addressable market for people-centric managed security services that leverage the technology and expertise of InteliSecure across Proofpoint's security and compliance platforms.

* The acquisition of InteliSecure will add 150 employees to Proofpoint's global team and boost its channel partner ecosystem's service delivery and increase partners' competitiveness.

* Proofpoint's closing cash equivalents stood at $910.3 million as of December 31, 2020.

* Price action: PFPT shares are down 3.76% at $133.90 on the last check Monday.