The Technology and Private Equity teams advised Webroot in its definitive agreement to be acquired by Carbonite for approximately $618.5 million. Carbonite will fund the transaction with existing cash on hand and funds secured under a new credit facility. The transaction is expected to be immediately accretive on an earnings and cash flow basis, following the close of the transaction which is expected in the first quarter of 2019.
The combined business will address a top vulnerability of businesses – the endpoint – with a comprehensive approach to protection through cloud-based cybersecurity, paired with cloud-based backup and recovery.
Founded in 1997, Webroot is a leading cybersecurity provider for managed service providers and small businesses, who rely on Webroot for endpoint protection, network protection, and security awareness training. Headquartered in Colorado, Webroot operates globally across North America, Europe, and Asia.
The Goodwin team was led by partner Scott Joachim and included partner Fred Lim and associates Matthew McCoy, Joseph Burleson, John Ilardo and Laura Jacobs with additional assistance from partners Kelsey Lemaster, Gemma Roberts Richard Matheny, Paul Jin, Koray Bulut and Kevin Lam; counsel Jacqueline Klosek and associates Monica Patel, Keiran Johal, Alex Plaum, Anna Yeomans, Genevieve Watt, Kevin Liu and Sarah Tauman and paralegal Danielle Shelbourne.
For additional details on the acquisition, please read the press release.