Gigamon sale report adds to three software ownership reviews in 23 days

Gigamon’s owners, Elliott Investment Management and Siris, are exploring a sale that could value the Santa Clara, California software company at more than $2 billion, Reuters reported on October 7. The report adds a third documented software ownership review to disclosures over 23 days, involving businesses that supply network security, banking and finance tools.

The other two cases concern London-based Finastra and Aptitude Software. Reuters reported on Finastra’s strategic options on September 14; Aptitude issued an update on cash-offer discussions on September 16. Together, they document three possible ownership changes, not three agreed sales or evidence that software dealmaking is accelerating.

Gigamon’s owners explore an early-stage sale

According to the Reuters report carried by CNA, Elliott and Siris have engaged Bank of America and Perella Weinberg Partners to advise Gigamon. People familiar with the confidential deliberations described the process as being in its early stages. The report establishes neither an agreed buyer nor a binding sale agreement.

Gigamon supplies software that monitors network traffic and detects security threats. Founded in 2004, it serves more than 4,000 customers globally, including banks, healthcare providers and government agencies, Reuters reported, citing the company’s website. Those customers describe the reach of the business; the report establishes no changes to their contracts or services.

Elliott acquired Gigamon in a 2017 take-private transaction valued at about $1.6 billion, Reuters reported. Siris bought a minority stake in 2024. Those earlier ownership milestones provide context for the current exploration; neither is a new transaction announced this October.

The sources said a sale could interest private equity firms and strategic buyers seeking network-monitoring, cybersecurity and cloud-infrastructure capabilities. They named no actual bidder. Gigamon, Siris, Elliott and Bank of America declined to comment to Reuters, while Perella Weinberg did not respond. Those responses do not confirm the reported process.

Finastra’s options extended beyond a sale

On September 14, Reuters reported that Vista Equity Partners was exploring options for London-headquartered Finastra, citing four people familiar with the matter. Morgan Stanley was advising Vista, the sources said. The alternatives included a full sale, a stake sale, a merger or an acquisition by Finastra, with no certainty of a transaction.

Finastra supplies payments, lending and corporate-banking software. Vista formed the business in 2017 by combining Misys and Canada’s D+H, Reuters reported. Its ownership review therefore concerns a different software market from Gigamon’s network-monitoring and security business.

Reuters reported initial interest from investment firms and, citing one source, identified Blackstone as studying Finastra. Vista, Finastra, Morgan Stanley and Blackstone declined to comment. That September account does not establish a subsequent agreement or Finastra’s status on October 7.

The report also described earlier disposals: Finastra’s treasury and capital-markets operation went to Apax and was rebranded Teciem after completion in February, while a universal-banking sale to Pollen Street was agreed in June. Those transactions are separate from the broader options reported in September.

Aptitude reported cash-offer discussions

Aptitude’s September 16 interim-results announcement offered a board-attributed account. The London-registered finance-software company said it had received non-binding proposals from trade and private equity counterparties and was continuing discussions about possible cash offers for the company. One discussion was more advanced than the others.

The update followed a strategic review and formal sale process launched on April 8; September was not its starting point. Proposals also covered eSuite and the IFRS Rules compliance engines, but Aptitude said it was not actively progressing those asset-sale proposals.

Chief executive Alex Curran said in the announcement: “We continue to progress discussions with certain parties and will update investors in due course.” The statement supplied no completion date.