Thoma Bravo expands cybersecurity reach with $1.34 billion Magnet Forensics deal

(Reuters) - Thoma Bravo will buy Canadian software firm Magnet Forensics Inc in a C$1.8 billion ($1.34 billion) deal, the company said on Friday, as the private equity firm bolsters its cybersecurity portfolio to tap into rising demand.

A unit of Thoma Bravo will offer C$44.25 per subordinate voting share, Magnet said on Friday, representing a premium of 15.4% to the stock's last close.

Magnet Forensics, founded in 2010, makes software that is used by defense forces and businesses to investigate cybersecurity threats.

Thoma Bravo, with more than $120 billion in assets under management, intends to combine the company with its portfolio company Grayshift, a digital forensics firm.

Software-focused Thoma Bravo is a serial acquirer. The firm agreed to buy cybersecurity firm SailPoint, Ping Identity Holding, Sailpoint Technologies, ForgeRock and Coupa Software in 2022.

($1 = 1.3415 Canadian dollars)

(Reporting by Chavi Mehta and Eva Mathews in Bengaluru; Editing by Sriraj Kalluvila)