SCWX News & Events

As a result of the proposed transaction with Sophos, Secureworks is suspending financial guidance for the Q4 and FY25. As previously announced, Secureworks will not hold an earnings conference call for the Q3.

Reports Q3 revenue $82.7M vs. $89.4M last year. "With a 30% rise in active ransomware groups year over year, and a continually evolving threat landscape, we are steadfast in our commitment to deliver unmatched value to customers and partners," said Wendy Thomas, CEO, Secureworks. "This quarter, we continued to innovate and expand the Taegis platform to help customers reduce organizational risk and strengthen their security posture. We look forward to closing the transaction with Sophos in early 2025 and coming together to deliver exceptional security solutions to our combined customers, subject to customary closing conditions."

Sophos and Secureworks announced a definitive agreement for Sophos to acquire Secureworks (SCWX). The all-cash transaction is valued at approximately $859M. Sophos is backed by Thoma Bravo, a leading software investment firm. Sophos' experience and reputation as a leading provider of managed security services and end-to-end security products, combined with Secureworks' security operations expertise transformed into the Taegis platform, is expected to further deliver complementary advanced MDR and XDR solutions for the benefit of their global customer bases. Together, they will help strengthen the resilience and security posture of global organizations of any size with a combination of security controls, AI, world-class threat intelligence, and two teams with decades of cybersecurity expertise. Sophos expects to integrate solutions from both companies into a broader and stronger security portfolio benefiting small, mid- and enterprise customers. This includes Sophos expanding its current portfolio with other new offerings like identity detection and response, next-gen SIEM capabilities, operational technology security, and enhanced vulnerability risk prioritization. As two partner-centric organizations, the combination of Sophos and Secureworks will enable the combined company to expand its market presence to create greater value within the channel and strengthen the overall security community. Under the terms of the agreement, Sophos intends to acquire Secureworks in an all-cash transaction valued at $859M. Secureworks shareholders, including Dell Technologies (DELL), will receive $8.50 per share in cash. This represents a 28% premium to the unaffected 90-day volume-weighted average price. The transaction is expected to close in early 2025, subject to customary closing conditions.