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SailPoint Technologies UK Ltd on Wednesday said that it has agreed to takeover Osirium Technologies PLC for 2.35 pence per share. SailPoint is a computer-related services and consulting business, while Osirium is a Theale, England-based vendor of cloud-based cybersecurity and IT automation software. Shares in Osirium were up 77% to 2.13 pence each in London on Wednesday afternoon. Under the terms of the transaction, each Osirium shareholder will be entitled to received 2.35p per share in cash. The price represents a premium of 96% to the closing price of 1.20p on Tuesday, this being the last business day before the start of the offer period. It values Osirium’s share capital at £3.11 million on a fully diluted basis, and implies an enterprise value of £6.56 million. According to SailPoint, there is a ‘significant opportunity’ within the growing identity security market, as cloud-oriented enterprises show increased demand for security solutions. ‘As a regional UK privileged access management vendor founded in 2008 and listed on AIM in 2016, despite innovative and customer recognised solutions, Osirium has been challenged in achieving the critical mass necessary to compete with the other large and well-established PAM vendors. The acquisition will provide the scale, recognition and resources that will enable the full potential of Osirium’s world class PAM, EPM and PPA solutions,’ said Osirium Chair David Guyatt. Mark McClain, chief executive officer of SailPoint added: ‘The acquisition will bring Osirium’s core capabilities into SailPoint’s existing Identity Security platform providing a compelling unified platform for securing privileged and non-privileged identities for our customers. We look forward to completing the acquisition and working with the Osirium team.’ Copyright 2023 Alliance News Ltd. All Rights Reserved.
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