Elliott and Siris explore $2 billion-plus Gigamon sale, sources say

• Gigamon generates more than $400 million in annual recurring revenue and approximately $170 million in EBITDA, serving over 4,000 customers globally including banks, healthcare providers, and government agencies
• The sale process is expected to attract interest from both private equity firms and strategic buyers seeking capabilities in network monitoring, cybersecurity, and cloud infrastructure management
• Private equity firm Siris acquired a minority stake in Gigamon in 2024, joining Elliott as co-owner ahead of the potential sale

Summary

Transaction Details:

Elliott Investment Management and Siris are exploring a sale of Gigamon, the infrastructure software provider, with an expected valuation exceeding $2 billion. Bank of America and Perella Weinberg Partners have been hired as advisors for the sale process, which is in early stages.

Company Profile:

Santa Clara-based Gigamon provides network monitoring software that helps companies detect security threats and manage network traffic. The company serves over 4,000 global customers, including banks, healthcare providers, and government agencies. Gigamon generates more than $400 million in annual recurring revenue and approximately $170 million in EBITDA.

Ownership Background:

Elliott originally acquired Gigamon in 2017 through a take-private transaction valued at approximately $1.6 billion. Private equity firm Siris purchased a minority stake in 2024.

Market Implications:

The sale is expected to attract interest from both private equity firms and strategic buyers looking to expand capabilities in network monitoring, cybersecurity, and cloud infrastructure management. The potential transaction reflects continued investor appetite for software companies providing critical infrastructure tools supporting cloud computing, cybersecurity, and AI deployments.

The sale would represent significant value appreciation from the 2017 acquisition, with the potential $2 billion-plus valuation marking roughly 25% growth over seven years. This deal underscores the premium valuations commanded by cybersecurity and network infrastructure providers in the current market environment, where digital security and cloud management tools remain strategic priorities for enterprises.