Varonis Systems Inc (VRNS) News & EventsVRNSVaronis Systems Inc

Salesforce Acquires Braze for $47.50 per Share

After Salesforce (CRM) announced an agreement to acquire Braze (BRZE) for $47.50 per share in cash, or a $5.66B enterprise value, Jefferies said this deal marks the third major transaction in small-to-mid cap software since the start of last week after deals for CCC Intelligent Solutions (CCC) and Varonis (VRNS). The firm calls this latest deal "the spark that could lead to a strategic takeout" of MarTech peer Klaviyo (KVYO) should there be further consolidation in the category, adding that it views an acquisition of HubSpot (HUBS) as "low likelihood," but sees a private equity buyer as a more likely acquirer if a deal were to happen. For Twilio (TWLO), the deal underscores the strategic importance of CX infrastructure, but also creates concerns that Salesforce could look to disintermediate the company for messaging or pressure it on pricing, the analyst added.

Barclays Downgrades Varonis to Equal Weight, Price Target $50

Barclays analyst Saket Kalia downgraded Varonis to Equal Weight from Overweight with an unchanged price target of $50 after the company entered into an agreement to be acquired by Proofpoint, a portfolio company of Thoma Bravo, in an all-cash transaction valued at $6.3B or $49.75 per share in cash. The firm says its channel checks on Varonis were softer this quarter. It wonders if that helped bring the deal to closure.

Rosenblatt Downgrades Varonis to Neutral, Price Target Cut to $49.75

Rosenblatt downgraded Varonis to Neutral from Buy with a price target of $49.75, down from $55, after the company entered into an agreement to be acquired by Proofpoint, a portfolio company of Thoma Bravo, in an all-cash transaction valued at $6.3B or $49.75 per share in cash. The firm views the deal as a "reasonable" outcome for shareholders. It expects the takeout to go through.