|Over a week ago|
ForeScout reports Q2 EPS 0c, consensus (31c) » 17:0208/0508/05/20
Reports Q2 revenue…
Reports Q2 revenue $79.9M, consensus $77.38M. "I'm proud of our strong execution during the second quarter, despite many uncertainties. We closed strategic deals with both new and existing customers, made continued progress in the market with our eyeSegment product, and improved profitability," said Michael DeCesare, CEO and President of Forescout Technologies. "We look forward to completing our pending transaction with Advent International, and building upon our strategic cloud transformation and transition to a recurring subscription business model. As we move to our next chapter as a private company, I would like to thank our customers, partners, talented employees, and shareholders for their unwavering support."
ForeScout, Arista Networks announce strategic partnership » 06:1408/0508/05/20
Forescout Technologies (FSCT) announced a strategic partnership with Arista Networks (ANET) to reduce cybersecurity risks brought on by explosive growth of IoT devices, increased network complexity and propagation of malware. The partnership includes the development of a unique open ecosystem that embeds security within the network fabric and delivers full visibility and enforcement of critical enterprise assets. Through this new collaboration, Forescout integrates directly to and is certified on Arista's switches and wireless infrastructure, including the new line of Arista Cognitive Campus PoE switches. Forescout also supports Arista's network-wide workload orchestration and workflow automation solution CloudVision. Further, co-innovation is underway in the context of a Zero Trust architecture to identify IoT devices and ensure they are assigned to specific segments in order to reduce risk and prevent anomalous behavior.
Fly Intel: Wall Street's top stories for Wednesday » 16:3607/1507/15/20
BLL, CCK, GS, JPM, UNH, MRNA, AZN, WMT, FSCT, ORGO, ARD, BK
Stocks were rallying in…
Fly Intel: Wall Street's top stories at midday » 12:1307/1507/15/20
GS, UNH, MRNA, WMT, FSCT, ORGO, ZYXI, BK
Stocks were rallying in…
ForeScout, Advent International reach amended merger deal for $29 per share » 09:0507/1507/15/20
Forescout Technologies announced that the companies have agreed to amend the terms of their previously announced transaction. The Forescout Board of Directors has unanimously approved a revised definitive agreement under which Advent will acquire all outstanding shares of Forescout common stock for $29.00 per share. Advent has partnered with Crosspoint Capital Partners, a private equity investment firm focused on cybersecurity and privacy industries, as an advisor on this transaction. Concurrently with executing the amended merger agreement, Forescout and Advent reached a settlement agreement as a result of which the pending litigation in the Delaware Court of Chancery will be dismissed. Forescout's Board and management will be further strengthened with the additions of Crosspoint Capital Partners' Greg Clark and Nicholas Noviello following commencement of the tender offer. Mr. Clark, Managing Partner of Crosspoint Capital Partners and former CEO of Symantec and Blue Coat, both leading cybersecurity companies, will join Forescout's Board of Directors. Mr. Noviello, former Executive Vice President and CFO of Symantec and of NetApp, and CFO of Blue Coat, has over 28 years of global finance and operations, process improvement and company transformation leadership experience, and will join Forescout as COO. Under the terms of the revised merger agreement, Advent will commence a tender offer on or before July 20, 2020, to acquire all of the outstanding shares of Forescout common stock for a price of $29.00 per share. The closing of the tender offer is subject to certain limited customary conditions, including the tender by Forescout shareholders of at least one share more than 50% of Forescout's issued and outstanding shares. Funds affiliated with Advent have committed to provide a full equity backstop in support of the transaction. The transaction is expected to close in the third quarter of 2020. Promptly following completion of the tender offer, Advent will acquire any shares of Forescout that are not tendered in the tender offer through a second-step merger under Delaware law for consideration equal to the tender offer price. Following the transaction, Forescout will become a privately held company with the flexibility to continue investing in the development and deployment of leading-edge cyber security products and solutions that serve the evolving needs of enterprise customers.
|Over a month ago|
ForeScout selected by DOE for INL project » 06:0606/2306/23/20
Forescout Technologies announced it has been selected by the U.S. Department of Energy, or DOE, to participate in a project with Idaho National Laboratory, or INL, titled "Firmware Command and Control." The purpose of the Firmware Command and Control project is to identify potential vulnerabilities that exist in ubiquitous libraries by using machine learning similarity analysis of embedded code and sharing those findings in a structured format for processing across operational and information technology environments. In addition to INL, Forescout will also partner with Argonne National Laboratory, Sandia National Laboratories, and the National Renewable Energy Laboratory.
ForeScout tells Bloomberg allegations related to ordinary course transaction » 14:4006/0506/05/20
ForeScout, in emailed…
ForeScout, in emailed comments to Bloomberg, said that allegations made against the company were related to an ordinary course transaction with one of the company's largest customers and the the company has been paid in full, as confirmed by the company's auditor. Earlier in the session ForeScout shares had fallen sharply after a court filing revealed that Advent sought a subpoena related to a whistle-blower email that alleged ForeScout involved Merlin in an alleged "channel stuffing scheme" in 2019. In May, Forescout announced that it has filed a complaint with the Delaware Court of Chancery asserting that affiliates of Advent International Corporation violated the terms of their merger agreement with Forescout.
ForeScout price target lowered to $25 from $36 at UBS » 06:3705/2905/29/20
UBS analyst Fatima…
UBS analyst Fatima Boolani lowered the firm's price target on ForeScout to $25 from $36 and keeps a Neutral rating on the shares. The analyst believes that the company's legal action with Advent following its May 18th notice of withdrawn intention to consummate the planned take-private deal will result in execution distractions, potentially impacting the rate and pace of sales execution recovery for new business.
ForeScout Technologies call volume above normal and directionally bullish » 15:2505/2205/22/20
Bullish option flow…
Bullish option flow detected in ForeScout Technologies with 25,742 calls trading, 8x expected, and implied vol increasing over 5 points to 84.23%. Jun-20 25 calls and Jun-20 22.5 calls are the most active options, with total volume in those strikes near 15,000 contracts. The Put/Call Ratio is 0.17. Earnings are expected on August 5th.
ForeScout commences litigation against Advent International » 08:2205/2005/20/20
Forescout filed a…
Forescout filed a complaint with the Delaware Court of Chancery asserting that affiliates of Advent International Corporation have violated the terms of their merger agreement with Forescout. Forescout is asking the Court to compel Advent to honor its commitments and immediately complete the pending acquisition of Forescout. On May 15, 2020, Advent notified Forescout that it would not consummate the acquisition on May 18, 2020, as scheduled. Advent's purported excuse for its wrongful conduct is that a closing condition to the transaction has not been satisfied because a "material adverse effect" has occurred at Forescout. Forescout believes that no material adverse effect has occurred, that all closing conditions are satisfied, and that Advent is obligated to close the transaction. Forescout believes that Advent has relied on meritless excuses to support its position. The merger agreement explicitly allocated the risk of any impacts from COVID-19 to Advent. Since announcing the transaction, Forescout shareholders overwhelmingly approved the transaction. Prior to announcing the Advent transaction on February 6, 2020, the Forescout Board conducted a robust and comprehensive process with the assistance of independent legal and financial advisors. Advent is a sophisticated and experienced investor, and over the course of its due diligence investigation - which lasted hundreds of hours over multiple months - Forescout shared with Advent all relevant information, including detailed financial and technical information as well as Forescout's internal estimates and projections. The Forescout Board and management team dedicated significant time and resources to providing Advent with detailed and transparent information in response to its every request, ensuring that Advent had a complete picture of Forescout's business and market opportunity.