Sophos Explained

Sophos Ltd.
Type:Private
Industry:Computer software
Products:Security software
Services:Computer security
Revenue:$1 billion (2023)
Operating Income:US$109 million (2019)
Net Income:US$26.9 million (2019)
Num Employees:4,400 (2022)
Owner:Thoma Bravo
Location:Abingdon, England
Footnotes:[1] [2] [3]

Sophos Ltd. is a British security software and hardware company. It develops and markets managed security services and cybersecurity software and hardware, such as managed detection and response, incident response and endpoint security software.[4] [5] Sophos was listed on the London Stock Exchange until it was acquired by Thoma Bravo in March 2020.[6]

History

Sophos was founded by Jan Hruska and Peter Lammer and began producing its first antivirus and encryption products in 1985.[7] During the late 1980s and into the 1990s, Sophos primarily developed and sold a range of security technologies in the UK, including encryption tools available for most users (private or business). In the late 1990s, Sophos concentrated its efforts on developing and selling antivirus technology and embarked on a program of international expansion.[8]

In 2010, the majority interest of Sophos was sold to Apax Partners.[9]

In 2011, Utimaco Safeware AG (acquired by Sophos in 2008) was accused of supplying data monitoring and tracking software to partners that have sold to governments such as Syria. Sophos issued a statement of apology and confirmed that they had suspended their relationship with the partners in question and launched an investigation.[10]

In June 2015, Sophos announced plans to raise US$100 million on the London Stock Exchange.[11] Sophos was floated on the FTSE in September 2015.[12]

On 14 October 2019, Sophos announced that Thoma Bravo, a US-based private equity firm, made an offer to acquire Sophos for US$7.40 per share, representing an enterprise value of approximately US$3.9 billion. The board of directors of Sophos stated their intention to recommend the offer to the company's shareholders unanimously.[13] On 2 March 2020, Sophos announced the completion of the acquisition.[14]

In February 2024, President Joe Levy was appointed acting CEO after Kris Hagerman resigned from the CEO position.[15] [16] Mr. Levy was named the permanent CEO in May 2024.[17]

In October 2024, Wired reported that the company had been targeted for years by hackers affiliated with the University of Electronic Science and Technology of China and Sichuan Silence Information Technology, a company associated with China's Ministry of Public Security.[18] [19] Others attributed the attacks to Chinese advanced persistent threats such as APT41, APT31, and Volt Typhoon.[20] The Federal Bureau of Investigation (FBI) asked for the public's help in identifying the attackers.

Acquisitions and partnerships

In 2003, Sophos acquired ActiveState, a Canadian software company that developed anti-spam software.[21] From September 2003 to February 2006, Sophos served as the parent company of ActiveState, a developer of programming tools for dynamic programming languages: in February 2006, ActiveState became an independent company when it was sold to Vancouver-based venture capitalist firm Pender Financial.[22]

In 2007, Sophos acquired ENDFORCE, a company based in Ohio, United States, which developed and sold security policy compliance and network access control (NAC) software.[23] [24]

In July 2008, Sophos agreed to acquire Utimaco, a publicly-held company focused on encryption and other data security products, for over $340 million;[25] the acquisition closed for $314 million in September 2008.[26] In October 2013, Utimaco was divested via a management buyout involving investors PINOVA Capital and BIP Investment Partners.[27]

In May 2011, Sophos announced the acquisition of Astaro, a privately held provider of network security products, headquartered in Wilmington, Massachusetts, USA and Karlsruhe, Germany.[28] At the time Astaro was the 4th largest UTM (Unified Threat Management) vendor and while the deal made sense at the time Forbes questioned its viability.[29] Sophos subsequently renamed the Astaro UTM to Sophos UTM.

In February 2014, Sophos announced that it had acquired Cyberoam Technologies, a provider of network security products.[30]

In December 2015, Sophos acquired Surfright, the company behind the malware scanner HitmanPro.[31]

In November 2016, Sophos acquired Barricade, a start-up with a behavior-based analytics engine.[32]

In February 2017, Sophos acquired Invincea, a software company that provides malware threat detection, prevention, and pre-breach forensic intelligence.[33] [34] [35]

In October 2024, Sophos agreed to acquire SecureWorks, a publicly-held company majority owned by Dell focused on Extended Detection and Response (XDR), for $859 million; the acquisition is expected to close in early 2025, subject to regulatory approval.[36]

Controversies

On 31 October 2024, Sophos released it's report about the Operation Pacific Rim which details their actions done against cyber criminals worldwide for the last years.[37]

See also

Notes and References

  1. Web site: Annual Report 2019. Sophos. 16 October 2021. 16 October 2021. https://web.archive.org/web/20211016173804/https://polaris.brighterir.com/public/sophos/news/rns/story/xe918jr. dead.
  2. News: Novinson . Michael . Sophos to Lay Off 10% of Workers Amid Shift to MDR Services . Bank Info Sedcurity . 2023-01-18 . 2023-11-14 . 14 November 2023 . https://web.archive.org/web/20231114163733/https://www.bankinfosecurity.com/sophos-to-lay-off-10-workers-amid-shift-to-mdr-services-a-20961 . live .
  3. Web site: Sophos is (officially!) a Great Place to Work. 8 June 2021. 16 October 2021. 16 October 2021. https://web.archive.org/web/20211016173804/https://news.sophos.com/en-us/2021/06/08/sophos-is-officially-a-great-place-to-work/. live.
  4. Web site: Fairfield . C. J. . March 4, 2024 . Sophos Exec: Here's How MSPs Can Drive Revenue With Our Products . 2024-03-31 . www.crn.com.
  5. Web site: Miletic . Barbara . 2023-04-27 . Sophos erweitert seinen globalen MDR-Service . 2024-03-31 . IT-BUSINESS . de.
  6. Web site: Miller . Ron . Thoma Bravo completes $3.9B Sophos acquisition . TechCrunch . 2020-03-02 . 2020-04-07 . en-US.
  7. Web site: Cluley . Graham . 4 November 2010 . Sophos: the early years . https://web.archive.org/web/20230930172054/https://nakedsecurity.sophos.com/2010/11/04/sophos-early-years/ . 30 September 2023 . Naked Security.
  8. Web site: Exterminator Tools. 15 November 1999. Windows IT Pro. 24 April 2017. 19 May 2017. https://web.archive.org/web/20170519110436/http://windowsitpro.com/security/exterminator-tools. live.
  9. Web site: Hoffman . Stefanie . Sophos To Sell Majority Stake To Apax Partners CRN . 2024-10-22 . www.crn.com.
  10. Web site: The Bureau Investigates article. dead. https://web.archive.org/web/20111204032852/http://www.thebureauinvestigates.com/2011/12/01/british-software-helped-syrian-regime-crush-dissidents/. 4 December 2011. dmy-all.
  11. News: Sophos Plans $100 Million London IPO . Wall Street Journal . 3 June 2015 . Simmons . Jana . 11 March 2017 . 25 April 2017 . https://web.archive.org/web/20170425204650/https://www.wsj.com/articles/sophos-plans-100-million-london-ipo-1433329925 . live .
  12. Web site: Sophos joins the UK's top public companies in the FTSE 250. 23 September 2015. 18 January 2020. 6 August 2020. https://web.archive.org/web/20200806021131/https://news.sophos.com/en-us/2015/09/23/sophos-joins-the-uks-top-public-companies-in-the-ftse-250/. live.
  13. Web site: Sophos founders exit before Thoma Bravo sale. 5 December 2019. Global Capital. 25 February 2020. 25 February 2020. https://web.archive.org/web/20200225092633/https://www.globalcapital.com/article/b1jb6zb934797l/sophos-founders-exit-before-thoma-bravo-sale. live.
  14. Web site: Sophos opens new chapter with take-private acquisition. 2 March 2020. 2 March 2020. 2 March 2020. https://web.archive.org/web/20200302103634/https://news.sophos.com/en-us/2020/03/02/sophos-opens-new-chapter-with-take-private-acquisition/amp/. live.
  15. Web site: Alspach . Kyle . 5 Things To Know About The Sophos CEO Transition . 2024-02-28 . . 16 March 2024 . https://archive.today/20240316154750/https://www.crn.com/news/security/2024/5-things-to-know-about-the-sophos-ceo-transition . live .
  16. Web site: Alspach . Kyle . Sophos CEO Kris Hagerman Steps Down, Acting CEO Named . CRN . 2024-02-15 . 2024-09-04 .
  17. Web site: Alspach . Kyle . Sophos Names Joe Levy As Permanent CEO, Hires New CFO . CRN . 2024-05-20 . 2024-10-21.
  18. Greenberg . Andy . Andy Greenberg . 2024-10-31 . Inside a Firewall Vendor's 5-Year War with the Chinese Hackers Hijacking Its Devices . November 5, 2024 . .
  19. News: 2021-12-02 . Facebook uncovers Chinese network behind fake expert . 2024-11-05 . . en-GB.
  20. News: Arghire . Ionut . November 4, 2024 . FBI Seeking Information on Chinese Hackers Targeting Sophos Firewalls . November 10, 2024 . Security Week.
  21. Web site: Sophos acquires anti-spam specialist ActiveState. www.sophos.com. 2016-01-03. 4 March 2016. https://web.archive.org/web/20160304102333/https://www.sophos.com/en-us/press-office/press-releases/2003/09/pr_uk_20030924activestate.aspx. live.
  22. Web site: ActiveState Acquired by Employees and Pender Financial Group; Company Renews Focus on Tools and Solutions for Dynamic Languages. 22 February 2006. Business Wire. 24 April 2017. 25 April 2017. https://web.archive.org/web/20170425120440/http://www.businesswire.com/news/home/20060222005860/en/ActiveState-Acquired-Employees-Pender-Financial-Group-Company. live.
  23. Web site: Sophos buys Endforce for network access control. 11 January 2007. Network World. 24 April 2017. 26 April 2017. https://web.archive.org/web/20170426061221/http://www.networkworld.com/article/2302799/lan-wan/sophos-buys-endforce-for-network-access-control.html. dead.
  24. News: Wauters. Robin. Sophos beefs up on online security, acquires Dutch security software firm SurfRight for $31.8 million. 2 August 2016. 29 August 2016. https://web.archive.org/web/20160829044820/http://tech.eu/brief/sophos-surfright/. live.
  25. Web site: Sophos makes move to buy Utimaco . Virus Bulletin . 2008-07-28 . 2024-10-21.
  26. Web site: McMillan . Robert . Sophos concludes $314 million Utimaco buy . NetworkWorld . 2008-09-30 . 2024-10-21.
  27. Web site: PINOVA Capital and BIP Investment Partners acquire Utimaco Safeware AG in a buyout transaction . Merkur . 2013-10-16 . 2024-10-21.
  28. Web site: Sophos Acquires Astaro to Meet Demand for Complete, Layered Security Protection. 2021-07-15. www.sophos.com. 15 July 2021. https://web.archive.org/web/20210715093023/https://www.sophos.com/en-us/press-office/press-releases/2011/05/sophos-acquires-astaro.aspx. live.
  29. Web site: Stiennon. Richard. Sophos + Astaro: Good companies, bad deal. 2021-07-15. Forbes. en. 20 July 2023. https://web.archive.org/web/20230720145139/https://www.forbes.com/sites/richardstiennon/2011/05/06/sophos-astaro-good-companies-bad-deal/. live.
  30. Web site: Sophos Acquires Cyberoam to Boost Layered Defense Portfolio. Infosecurity Magazine. 12 February 2014. 13 May 2016. 13 May 2016. https://web.archive.org/web/20160513191129/http://www.infosecurity-magazine.com/news/sophos-acquires-cyberoam-to-boost/. live.
  31. Web site: Aldershoff . Jan Willem . 14 December 2015 . Company behind anti-malware software HitmanPro sold to Sophos for €30 million . MYCE . 1 January 2024 . 28 October 2021 . https://web.archive.org/web/20211028151953/https://www.myce.com/news/company-behind-anti-malware-software-hitmanpro-sold-to-sophos-for-e30-million-78087/ . live .
  32. News: Sophos acquires Irish cybersecurity start-up Barricade . 2024-09-04 . The Irish Times . en.
  33. Web site: Sophos Adds Advanced Machine Learning to Its Next-Generation Endpoint Protection Portfolio with Acquisition of Invincea. Sophos. 2017-02-08. 2017-02-11. 23 April 2020. https://web.archive.org/web/20200423122234/https://www.sophos.com/en-us/invincea/2017/02/sophos-to-acquire-invincea-to-add-industry-leading-machine-learning-to-its-next-generation-endpoint-protection-portfolio.aspx. dead.
  34. Web site: Sophos grows anti-malware ensemble with Invincea. Sophos. One may ask, if you already have great next-generation technology, why do you need Invincea’s technology?...Think of Invincea as the superhero that takes our ensemble to the next level – the entity that adds neural network-based machine learning to the team.. 2017-02-08. 2017-02-11. 10 February 2017. https://web.archive.org/web/20170210000126/https://blogs.sophos.com/2017/02/08/sophos-grows-anti-malware-ensemble-with-invincea/. live.
  35. Web site: Sophos to Acquire Invincea to Add Industry Leading Machine Learning to its Next Generation Endpoint Protection Portfolio. Invincea. 2017-02-08. 2017-02-11. 8 August 2017. https://web.archive.org/web/20170808234044/https://www.invincea.com/2017/02/sophos-to-acquire-invincea-to-add-industry-leading-machine-learning-to-its-next-generation-endpoint-protection-portfolio/. live.
  36. Web site: Warminsky . Joe . Sophos to acquire Secureworks for $859 million . The Record . 2024-10-21 . 2024-10-21.
  37. Web site: Sophos' Pacific Rim: Defense Against Nation-State Adversaries . www.sophos.com . Sophos . en.

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