Elliott and Siris Explore $2 Billion-plus Gigamon Sale, Sources Say

• Elliott acquired Gigamon in a 2017 take-private deal valued at $1.6 billion, with Siris purchasing a minority stake in 2024
• The sale process could attract both private equity firms and strategic buyers interested in network monitoring, cybersecurity, and cloud infrastructure capabilities
• Gigamon serves over 4,000 customers globally including banks, healthcare providers, and government agencies

Summary

Elliott Investment Management and Siris are pursuing a sale of Gigamon, a network infrastructure software provider, in a deal that could exceed $2 billion. Bank of America and Perella Weinberg Partners have been hired to advise on the sale process, which is in early stages.

Key Financial Metrics:

• Valuation target: Over $2 billion
• Annual recurring revenue: More than $400 million
• EBITDA: Approximately $170 million

Company Background:

Santa Clara-based Gigamon provides network monitoring software and security threat detection services. Founded in 2004, the company serves over 4,000 customers globally, including banks, healthcare providers, and government agencies.

Ownership History:

Elliott 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 transaction reflects continued investor appetite for critical infrastructure software companies supporting cloud computing, cybersecurity, and AI deployments.

The potential exit would represent a significant gain for Elliott over its 2017 acquisition price, indicating strong growth in the network security and infrastructure monitoring sector. The timing aligns with heightened demand for cybersecurity solutions and cloud management tools across enterprise customers.

All parties involved declined to comment or did not respond to requests for comment on the confidential deliberations.