SonicWALL Buys AventailSonicWALL Buys Aventail
SonicWALL agrees to acquire Aventail, provider of SSL VPN remote access solutions, for approximately $25M in cash
June 12, 2007
SUNNYVALE, Calif. -- SonicWALL, Inc. (NASDAQ: SNWL),a leading provider of IT security and data backup and recovery solutions, today announced that it has entered into an agreement to acquire Aventail Corporation, a Seattle-based, privately-held provider of market-leading SSL VPN remote access solutions, for approximately $25 million in cash. The transaction is expected to close in July, 2007 and is subject to customary conditions. SonicWALL expects that there will be no impact from the transaction to its financial performance in the second quarter of 2007 and reaffirms its revenue guidance of $45 - $47 million.
Improving secure remote access is among the top priorities of today's distributed, global enterprises. Consensus from industry analysts indicates that 85% or more of the data that IT managers seek to protect originates outside the corporate network. To address this growing need, Chief Security Officers are seeking comprehensive remote access solution sets and products combining high performance with value, and capable of integration into multi-faceted IT environments.
Today's move enables SonicWALL to better meet the needs of a broader set of customers by combining the two companies' complementary SSL VPN offerings.
Aventail is recognized as a leader and visionary for its higher-end SSL VPN enterprise control deployments. With its suite of appliances designed for small and mid-sized organizations, SonicWALL has become the unit market share leader for SSL VPN appliances, according to the Infonetics Research report "Network Security Appliances and Software", Q106 to 4Q06.
"The Aventail acquisition is an important step in our growth strategy. SonicWALL is number one in SSL VPN unit share worldwide, and this acquisition will help grow our revenue share. We will compete more effectively in the remote access space, building on complementary elements in our two organizations, and offer new solutions that enhance our relevance for today's dynamic enterprise," said Matthew Medeiros, president and chief executive officer at SonicWALL.
"SonicWALL's vision of delivering practical, value innovation IT solutions clearly resonates with mid-tier and enterprise businesses. Our ease of doing business along with our commitment to support and the addition of Aventail's capabilities significantly advances our ability to serve the evolving needs of these critical segments. We will continue our investment in leadership across all price points of the SSL VPN space."
"This is an exciting move for Aventail, and we look forward to serving an expanding customer base even more effectively as a result of the acquisition," said Evan Kaplan, president and chief executive officer at Aventail. "SonicWALL has a strong history of innovation and a successful go-to-market strategy through its worldwide channel, which offers a wide variety of products relevant to Aventail's customers and channel partners. Our combined product sets and expertise offer great potential for future cross-development and growth."
SonicWall Inc. (Nasdaq: SNWL)
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