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DEFM14C Filing
SecureWorks (SCWX) DEFM14CInformation related to merger
Filed: 22 Nov 24, 9:23am
| Wendy K. Thomas Chief Executive Officer | | | George B. Hanna Corporate Secretary | |
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Public Trading Multiples | | | Implied Value per Share Range of Company Common Stock ($) | | |||
AV / CY2025E Revenue | | | | | | | |
Projections | | | | | 5.88 – 11.21 | | |
Street Case | | | | | 5.66 – 10.76 | | |
Revenue-Based Forecast Scenario | | | Implied Value per Share Range of Company Common Stock ($) | | |||
Projections | | | | | 6.34 – 11.92 | | |
Street Case | | | | | 5.29 – 10.06 | | |
EBITDA-Based Forecast Scenario | | | Implied Value per Share Range of Company Common Stock ($) | | |||
Projections | | | | | 6.73 – 12.71 | | |
Forecast Scenario | | | Implied Value Per Share Range of Company Common Stock ($) | | |||
Projections | | | | | 6.53 – 10.18 | | |
Selected Precedent Transactions (Target/Acquiror) | | | AV / NTM REVENUE | | |||
Carbonite, Inc. / OpenText | | | | | 2.7x | | |
Everbridge, Inc. / Thoma Bravo | | | | | 3.9x | | |
Forescout Technologies Inc. / Advent and Crosspoint Capital | | | | | 4.9x | | |
Majesco / Thoma Bravo | | | | | 4.5x | | |
Model N, Inc. / Vista | | | | | 4.7x | | |
Momentive Global Inc. / STG | | | | | 3.0x | | |
Nextgen Healthcare, Inc. / Thoma Bravo | | | | | 2.3x | | |
QAD Inc. / Thoma Bravo | | | | | 5.3x | | |
Rosetta Stone Inc. / Cambium Learning | | | | | 3.9x | | |
Sterling Check Corp. / First Advantage | | | | | 2.8x | | |
WalkMe Ltd. / SAP | | | | | 4.0x | | |
Precedent Transaction | | | Implied Value per Share Range of Company Common Stock ($) | | |||
Street Case | | | | | 8.14 – 13.75 | | |
Precedent Transaction Premium Scenario | | | Representative Premium Ranges | | | Implied Value per Share Range of Company Common Stock ($) | |
Premia to 1-Day Unaffected Share Price | | | 10% – 60% | | | 7.98 – 11.60 | |
Premia to LTM High Share Price | | | (20)% – 40% | | | 6.46 – 11.31 | |
Historical Trading Periods | | | Historical Per Share Range of Company Common Stock ($) | | |||
Last 30 Days ending on August 28, 2024 | | | | | 6.97 – 7.99 | | |
Last 365 Days ending on August 28, 2024 | | | | | 5.42 – 8.08 | | |
| | | EV / Revenue Multiple | | | EV/EBITDA Multiple | | ||||||||||||||||||
| | | CY2024 | | | CY2025 | | | CY2024 | | | CY2025 | | ||||||||||||
25th Percentile | | | | | 2.3x | | | | | | 2.1x | | | | | | 20.3x | | | | | | 16.2x | | |
Median | | | | | 3.7x | | | | | | 3.4x | | | | | | 26.9x | | | | | | 20.9x | | |
75th Percentile | | | | | 4.0x | | | | | | 3.6x | | | | | | 37.6x | | | | | | 24.6x | | |
| | | EV/Revenue Growth Multiple | | |||||||||
| | | CY2024 | | | CY2025 | | ||||||
25th Percentile | | | | | 0.35x | | | | | | 0.31x | | |
Median | | | | | 0.41x | | | | | | 0.33x | | |
75th Percentile | | | | | 0.48x | | | | | | 0.38x | | |
Announcement Date | | | Target | | | Acquiror | |
February 6, 2024 | | | ZeroFox Holdings, Inc. | | | Haveli Investments, L.P. | |
May 11, 2023 | | | Absolute Software Corp. | | | Crosspoint Capital Partners, L.P. | |
February 9, 2023 | | | Sumo Logic, Inc. | | | Francisco Partners Management, L.P. | |
October 12, 2022 | | | KnowBe4, Inc. | | | Vista Equity Partners Management, LLC | |
October 11, 2022 | | | ForgeRock, Inc. | | | Thoma Bravo, L.P. | |
August 3, 2022 | | | Ping Identity Holding Corporation | | | Thoma Bravo, L.P. | |
April 11, 2022 | | | SailPoint Technologies Holdings | | | Thoma Bravo, L.P. | |
April 6, 2022 | | | Tufin Software Technologies Ltd. | | | Turn/River Capital | |
March 8, 2022 | | | Mandiant, Inc. | | | Google LLC | |
November 8, 2021 | | | Zix Corporation | | | Open Text Corporation | |
July 15, 2020 | | | Forescout Technologies, Inc. | | | Advent International Corporation; Crosspoint Capital Partners, L.P. | |
September 20, 2020 | | | MobileIron, Inc. | | | Invanti, Inc. | |
| | | EV / LTM Revenue Multiple | | | EV / LTM Revenue Growth Multiple | | ||||||
25th Percentile | | | | | 3.9x | | | | | | 0.19x | | |
Median | | | | | 4.9x | | | | | | 0.37x | | |
Mean | | | | | 7.0x | | | | | | 0.38x | | |
75th Percentile | | | | | 10.1x | | | | | | 0.58x | | |
| | | 30-Day VWAP Premium | | |||
25th Percentile | | | | | 31% | | |
Median | | | | | 40% | | |
75th Percentile | | | | | 53% | | |
| | | Low | | | High | | ||||||
Last Twelve Months – share price | | | | $ | 5.42 | | | | | $ | 8.08 | | |
(amounts in millions) | | | FY2025 | | | FY2026 | | | FY2027 | | | FY2028 | | | FY2029 | | | FY2030 | | | FY2031 | | | FY2032 | | | FY2033 | | | FY2034 | | | FY2035 | | |||||||||||||||||||||||||||||||||
Revenue(1) | | | | $ | 335 | | | | | $ | 359 | | | | | $ | 420 | | | | | $ | 485 | | | | | $ | 551 | | | | | $ | 616 | | | | | $ | 679 | | | | | $ | 735 | | | | | $ | 783 | | | | | $ | 821 | | | | | $ | 845 | | |
Adjusted EBITDA(2) | | | | $ | 8 | | | | | $ | 35 | | | | | $ | 67 | | | | | $ | 81 | | | | | $ | 95 | | | | | $ | 110 | | | | | $ | 125 | | | | | $ | 140 | | | | | $ | 154 | | | | | $ | 167 | | | | | $ | 177 | | |
Unlevered Free Cash Flow(3) | | | | $ | (42) | | | | | $ | (3) | | | | | $ | 26 | | | | | $ | 44 | | | | | $ | 51 | | | | | $ | 58 | | | | | $ | 65 | | | | | $ | 72 | | | | | $ | 78 | | | | | $ | 82 | | | | | $ | 86 | | |
Secureworks Executive Officer | | | Number of Company RSUs Held (#)(1) | | | Company RSUs Held ($) | | | Number of Company PSUs Held (#)(2) | | | Company PSUs Held ($) | | | Total ($)(3) | | |||||||||||||||
Wendy K. Thomas | | | | | 1,264,757 | | | | | | 10,750,435 | | | | | | 522,058 | | | | | | 4,437,493 | | | | | | 15,187,928 | | |
Alpana Wegner | | | | | 589,826 | | | | | | 5,013,521 | | | | | | 275,735 | | | | | | 2,343,748 | | | | | | 7,357,269 | | |
Stephen Fulton | | | | | 695,795 | | | | | | 5,914,258 | | | | | | 275,735 | | | | | | 2,343,748 | | | | | | 8,258,005 | | |
George Hanna | | | | | 500,484 | | | | | | 4,254,114 | | | | | | 238,970 | | | | | | 2,031,245 | | | | | | 6,285,359 | | |
Secureworks Non-Employee Directors | | | Number of Company Stock Options Held (#)(1) | | | Company Stock Options Held ($) | | | Number of Company RSUs Held (#)(2) | | | Company RSUs Held ($) | | | Total ($)(3) | | |||||||||||||||
William Cary | | | | | — | | | | | | — | | | | | | 98,199 | | | | | | 834,692 | | | | | | 834,692 | | |
Pamela Daley | | | | | — | | | | | | — | | | | | | 32,626 | | | | | | 277,321 | | | | | | 277,321 | | |
Michael S. Dell | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Mark J. Hawkins | | | | | — | | | | | | — | | | | | | 32,626 | | | | | | 277,321 | | | | | | 277,321 | | |
Kyle Paster | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Yagyensh (Buno) Pati | | | | | — | | | | | | — | | | | | | 32,626 | | | | | | 277,321 | | | | | | 277,321 | | |
Named Executive Officer | | | Cash ($)(1) | | | Equity ($)(2) | | | Perquisites/ Benefits ($)(3) | | | Total ($) | | ||||||||||||
Wendy K. Thomas (Chief Executive Officer) | | | | | 1,000,000 | | | | | | 15,187,928 | | | | | | 27,271 | | | | | | 16,215,199 | | |
Alpana Wegner (Chief Financial Officer) | | | | | 720,000 | | | | | | 7,357,269 | | | | | | 27,271 | | | | | | 8,104,540 | | |
Stephen Fulton (President) | | | | | 720,007 | | | | | | 8,258,005 | | | | | | 27,271 | | | | | | 9,005,283 | | |
George Hanna (Chief Legal & Administrative Officer and Corporate Secretary) | | | | | 680,000 | | | | | | 6,285,359 | | | | | | 21,142 | | | | | | 6,986,501 | | |
Named Executive Officer | | | Annual Base Salary ($) | | | Annual Bonus ($) | | | Total ($) | | |||||||||
Wendy K. Thomas | | | | | 500,000 | | | | | | 500,000 | | | | | | 1,000,000 | | |
Alpana Wegner | | | | | 450,000 | | | | | | 270,000 | | | | | | 720,000 | | |
Stephen Fulton | | | | | 450,007 | | | | | | 270,000 | | | | | | 720,007 | | |
George Hanna | | | | | 425,000 | | | | | | 255,000 | | | | | | 680,000 | | |
Named Executive Officer | | | Number of Company RSUs Held (#) | | | Company RSUs Held ($) | | | Number of Company PSUs Held (#) | | | Company PSUs Held ($) | | | Total ($) | | |||||||||||||||
Wendy K. Thomas | | | | | 1,264,757 | | | | | | 10,750,435 | | | | | | 522,058 | | | | | | 4,437,493 | | | | | | 15,187,928 | | |
Alpana Wegner | | | | | 589,826 | | | | | | 5,013,521 | | | | | | 275,735 | | | | | | 2,343,748 | | | | | | 7,357,269 | | |
Stephen Fulton | | | | | 695,795 | | | | | | 5,914,258 | | | | | | 275,735 | | | | | | 2,343,748 | | | | | | 8,258,005 | | |
George Hanna | | | | | 500,484 | | | | | | 4,254,114 | | | | | | 238,970 | | | | | | 2,031,245 | | | | | | 6,285,359 | | |
Named Executive Officer | | | Subsidized COBRA Payments ($) | | | Outplacement Services ($) | | | Total ($) | | |||||||||
Wendy K. Thomas | | | | | 27,271 | | | | | | — | | | | | | 27,271 | | |
Alpana Wegner | | | | | 27,271 | | | | | | — | | | | | | 27,271 | | |
Stephen Fulton | | | | | 27,271 | | | | | | — | | | | | | 27,271 | | |
George Hanna | | | | | 21,142 | | | | | | — | | | | | | 21,142 | | |
Name of Beneficial Owner | | | Number of Shares of Class A Beneficially Owned(1) | | | Percentage of Shares of Class A Beneficially Owned(1) | | | Number of Shares of Class B Beneficially Owned(1) | | | Percentage of Shares of Class B Beneficially Owned(1) | | | Percentage of Total Voting Power(1) | | |||||||||||||||
Principal Stockholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Michael S. Dell(2) | | | | | 70,000,000 | | | | | | 78.7% | | | | | | 70,000,000 | | | | | | 100% | | | | | | 97.4% | | |
Dell Technologies Inc.(3) | | | | | 70,000,000 | | | | | | 78.7% | | | | | | 70,000,000 | | | | | | 100% | | | | | | 97.4% | | |
Dell Marketing L.P.(3) | | | | | 70,000,000 | | | | | | 78.7% | | | | | | 70,000,000 | | | | | | 100% | | | | | | 97.4% | | |
Centerview Entities(4) | | | | | 871,070 | | | | | | 4.6% | | | | | | — | | | | | | — | | | | | | 1.0% | | |
Neil Gagnon(5) | | | | | 2,872,267 | | | | | | 15.2% | | | | | | — | | | | | | — | | | | | | 3.2% | | |
Royce & Associates, LP(6) | | | | | 1,324,543 | | | | | | 7.0% | | | | | | — | | | | | | — | | | | | | 1.5% | | |
The Vanguard Group(7) | | | | | 964,676 | | | | | | 5.1% | | | | | | — | | | | | | — | | | | | | 1.1% | | |
Michael R. Cote(8) | | | | | 1,117,294 | | | | | | 5.9% | | | | | | — | | | | | | — | | | | | | 1.3% | | |
First Eagle Investment Management, LLC(9) | | | | | 832,769 | | | | | | 4.4% | | | | | | — | | | | | | — | | | | | | * | | |
Executive Officers and Directors: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
William (Bill) H. Cary | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Pamela Daley(10) | | | | | 264,300 | | | | | | 1.4% | | | | | | — | | | | | | — | | | | | | * | | |
Michael S. Dell(2) | | | | | 70,000,000 | | | | | | 78.7% | | | | | | 70,000,000 | | | | | | 100% | | | | | | 97.4% | | |
Stephen Fulton(11) | | | | | 412,218 | | | | | | 2.2% | | | | | | — | | | | | | — | | | | | | * | | |
Christian Grant(12) | | | | | 77,233 | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | |
George B. Hanna(13) | | | | | 360,249 | | | | | | 1.9% | | | | | | — | | | | | | — | | | | | | * | | |
Mark J. Hawkins(14) | | | | | 219,657 | | | | | | 1.2% | | | | | | — | | | | | | — | | | | | | * | | |
Paul M. Parrish(15) | | | | | 290,253 | | | | | | 1.5% | | | | | | — | | | | | | — | | | | | | * | | |
Kyle Paster | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Yagyensh (Buno) C. Pati(16) | | | | | 205,947 | | | | | | 1.1% | | | | | | — | | | | | | — | | | | | | * | | |
Wendy K. Thomas(17) | | | | | 862,201 | | | | | | 4.6% | | | | | | — | | | | | | — | | | | | | * | | |
Alpana Wegner(18) | | | | | 102,509 | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | |
All executive officers and directors as a Group (12 persons)(19) | | | | | 72,794,567 | | | | | | 81.7% | | | | | | 70,000,000 | | | | | | 100% | | | | | | 97.7% | | |
Company Filings: | | | Periods: | |
Annual Report on Form 10-K | | | Fiscal Year ended February 2, 2024, as filed March 22, 2024 | |
Quarterly Report on Form 10-Q | | | Fiscal Quarter ended May 3, 2024, as filed June 7, 2024; Fiscal Quarter ended August 2, 2024, as filed September 6, 2024 | |
Current Report on Form 8-K | | | As filed June 25, 2024 and October 21, 2024 | |
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Exhibit A Support Agreement | | | | | | | |
Exhibit B Certificate of Incorporation of Surviving Corporation | | | | | | | |
Exhibit C Written Consent | | | | | | | |
Term | | | Section | |
Agreement | | | Preamble | |
Alternative Acquisition Agreement | | | 6.02(c) | |
Alternative Financing | | | 6.06(b) | |
Bankruptcy and Equity Exceptions | | | 4.03(a) | |
Business Data | | | 4.21(f) | |
Business IP | | | 4.23(a) | |
Capitalization Date | | | 4.07(a) | |
Certificate of Merger | | | 2.02(a) | |
Certificates | | | 2.04(a) | |
Change in Recommendation | | | 6.02(c) | |
Class A Common Stock | | | 4.07(a) | |
Class B Common Stock | | | 4.07(a) | |
Closing | | | 2.01 | |
Company Board | | | Recitals | |
Company Common Stock | | | 4.07(a) | |
Company Disclosure Letter | | | 4 | |
Company Employee Plan | | | 4.19(e) | |
Company Employees | | | 4.19(e) | |
Company Preferred Stock | | | 4.07(a) | |
Company Recommendation | | | 4.03(b) | |
Company Related Parties | | | 9.04(i) | |
Term | | | Section | |
Company SEC Documents | | | 4.09(a) | |
Company Securities | | | 4.07(c) | |
Company Termination Fee | | | 9.04(b) | |
Compensation Committee | | | 2.06(e) | |
Converted Cash Award | | | 2.06(c)(ii) | |
Current Policy | | | 6.10(b) | |
Current Premium | | | 6.10(b) | |
Debt Commitment Letter | | | 5.10(a) | |
Debt Financing | | | 5.10(a) | |
Delaware Secretary | | | 2.02(a) | |
DGCL | | | Recitals | |
Diamond | | | Recitals | |
Diamond Employee Plan | | | 4.19(a) | |
Dissenting Shares | | | 2.05 | |
Effect | | | 1.01(a) | |
Effective Time | | | 2.02(b) | |
Employee Plan | | | 4.19(a) | |
End Date | | | 8.01(b)(i) | |
Environmental Permits | | | 4.22(a) | |
Excluded Benefits | | | 6.05(a) | |
Exclusive Rights | | | 4.16(b)(iv) | |
Filed Company Contract | | | 4.16(a) | |
Foreign Employee Plan | | | 4.19(l) | |
GESA | | | Recitals | |
Indemnified Party | | | 6.10(a) | |
Information Statement | | | 6.03(b)(i) | |
Lease Agreement | | | 4.24(b) | |
Leased Property | | | 4.24(b) | |
Material Customers | | | 4.16(b)(viii) | |
Material Suppliers | | | 4.16(b)(ix) | |
Merger | | | Recitals | |
Merger Consideration | | | 2.03(a) | |
Merger Sub | | | Preamble | |
Morgan Stanley | | | Section 4.27 | |
Parent | | | Preamble | |
Parent Benefit Plans | | | 6.05(c) | |
Parent Disclosure Letter | | | 5 | |
Parent Related Parties | | | 9.04(j) | |
Paying Agent | | | 2.04(a) | |
Payment Fund | | | 2.04(a) | |
Per Share Amount | | | Recitals | |
Piper Sandler | | | Section 4.27 | |
Pre-Closing Period | | | 6.01(a) | |
Term | | | Section | |
Process | | | 4.21(f) | |
Required Amount | | | 5.10(a) | |
Requisite Stockholder Approval | | | 4.04 | |
Schedule 14D-9 | | | 2 | |
Share | | | Recitals | |
Software | | | 1.01(a) | |
Specified Contract | | | 4.16(b) | |
Subcontractor Agreement | | | Recitals | |
Superior Proposal Notice | | | 6.02(e) | |
Support Agreement | | | Recitals | |
Surviving Corporation | | | 2.02(c) | |
Surviving Corporation Common Stock | | | 2.03(e) | |
Transactions | | | Recitals | |
Transition Services Agreement | | | Recitals | |
Unvested Company RSU | | | 2.06(b)(ii) | |
UPE | | | 6.11(b) | |
Vested Company RSU | | | Section 2.06(c)(i) | |
Written Consent | | | 4.04 | |
| | | | SECUREWORKS CORP. | |
| | | | By: /s/ Wendy K. Thomas Name: Wendy K. Thomas Title: Chief Executive Officer | |
| | | | SOPHOS INC. | |
| | | | By: /s/ Joseph H. Levy Name: Joseph H. Levy Title: Chief Executive Officer | |
| | | | PROJECT GREEN MERGER SUB, INC. | |
| | | | By: /s/ Joseph H. Levy Name: Joseph H. Levy Title: President | |
| | | | DELL TECHNOLOGIES INC. | |
| | | | By: /s/ Christopher A. Garcia Name: Christopher A. Garcia Title: Senior Vice President and Assistant Secretary | |
| | | | DELL MARKETING L.P. | |
| | | | By: Dell Marketing GP L.L.C., its general partner | |
| | | | By: /s/ Christopher A. Garcia Name: Christopher A. Garcia Title: Senior Vice President and Assistant Secretary | |