Proofpoint’s planned $6.3 billion Varonis acquisition puts cybersecurity M&A execution in focus

Proofpoint plans an all-cash $49.75-per-share offer for Varonis, a reported 52% premium to the pre-rumor price and 53x free cash flow. The deal is targeted to close in H1 2027 pending shareholder and regulatory approvals; integration and the strategic payoff remain unproven.