Scheme document published for the £3.11 million recommended cash acquisition of Osirium Technologies by Sailpoint Technologies
September 2023
Sailpoint Technologies UK Ltd (Bidco) is a private limited company incorporated in England and Wales and is indirectly owned by SailPoint Group. Bidco provides the SailPoint Group with sales and marketing support as well as implementation services for enterprise identity governance solutions within the UK.
SailPoint is a leading provider of identity security for the modern enterprise. SailPoint’s intelligent, autonomous, and integrated solutions put identity security at the core of digital business operations, enabling even the most complex organisations across the globe to build a security foundation capable of defending against today’s most pressing threats.
SailPoint has over 2,200 customers, including 48% of the Fortune 500, and over 2,400 employees across several offices worldwide, including its headquarters in Austin and offices in United Kingdom, India, Israel, France, Japan and Australia. SailPoint’s Identity Security Platform includes solutions for SaaS-based security for all digital identities, non-employee risk management, access risk management and data access governance.
Osirium is a public limited company incorporated in England and Wales and quoted on AIM.
Osirium is a UK-based cybersecurity software provider and SaaS vendor delivering privileged access management, privileged endpoint management and IT process automation solutions. Osirium’s customers use its privileged access management technology to control third-party access, protect them against insider threats and demonstrate rigorous compliance.
Their award-winning task and process automation solutions save time and cost by automating complex, multi-system processes securely, allowing them to be delegated to help desk engineers or end-users and free up specialist IT resources. Osirium’s privileged endpoint management solution balances security and productivity by removing risky local administrator rights from users while at the same time allowing escalated privileges for specific applications.
Osirium’s products are implemented across a wide range of sectors and customers across a growing number of geographies, including the UK, Europe, the Middle East, Asia and North America.
They have approximately 170 active customers across a range of markets, with the majority of such customers located in the UK. Osirium employs approximately 40 staff including those in sales, marketing, product engineering, professional services and product support. By operating a “channel-first” sales model that uses distribution and resellers, Osirium is able to effectively market and sell its products internationally.
On 30th August 2023, the boards of directors of Bidco and Osirium announced that they had reached an agreement on the terms and conditions of a recommended cash acquisition by Bidco of the entire issued, and to be issued, the ordinary share capital of Osirium to be implemented by way of a court-sanctioned scheme of arrangement under Part 26 of the 2006 Act.
Publication of the Scheme Document
The Perivan shareholder communications team was delighted to work with the advisory teams on the production of the Scheme and associated and ancillary documents, which were successfully published and posted to qualifying shareholders on 18th September 2023.
The advisory teams included:
Cavendish Capital Markets – Financial Adviser to SailPoint and Bidco
Allenby Capital – Nominated Adviser, Financial Adviser and Corporate Broker to Osirium
Kirkland & Ellis International LLP – Legal adviser to Bidco and SailPoint
Blake Morgan LLP – Legal adviser to Osirium
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Perivan specialise in producing and publishing financial documents relating to shareholder and investor communications for quoted companies, private companies, and open and closed-ended funds.
