Daily Recap: VRNS, TWO/UWMC, SPSC, DXLG, EBAY/GME

研报英文原文证据摘录

Daily Recap: VRNS, TWO/UWMC, SPSC, DXLG, EBAY/GME

Quick Note

June 24, 2026 SPECIAL SITUATIONS

Analysts

Michael Piccolo

212-668-9863 Varonis Systems, Inc. (VRNS - $35.03)michael.piccolo@wedbush.com

News Reports Company Exploring Sale After Receiving Private Equity Takeout

Interest. Per Bloomberg, VRNS is working with advisers and fielding preliminary

acquisition interest from Blackstone, Thoma Bravo, and Vista Equity Partners;

deliberations described as early-stage with no certainty of a transaction. VRNS

shares closed +7.1% on the report, having initially spiked +23% intraday; current

~$4B market cap. Context: VRNS shares plunged -48% in Oct. 2025 following a

3Q'25 earnings miss driven by weak federal and on-prem subscription renewals,

prompting a 5% workforce reduction and ARR guidance cut to $730–$738M (from

$748–$754M); a securities class action lawsuit was subsequently filed in Jan. 2026.

VRNS has been executing a SaaS transition (~76% SaaS ARR as of 3Q'25) with $1.2B

+ in cash as of 1Q'25. (News Article)

TRADING VIEW: VRNS is a classic post-earnings-dislocation PE takeout setup; the

-48% Oct. 2025 reset compressed valuation to levels that make a leveraged buyout

feasible, and the $1.2B+ cash balance provides meaningful deal financing flexibility.

Thoma Bravo's prior $5.3B Darktrace and $6.9B SailPoint acquisitions demonstrate

active appetite for cybersecurity take-privates at scale. As we mentioned in our

M&A report in October 2025, VRNS has been one of our top names to be acquired

with the company putting more emphasis on integrating advanced technologies

like AI/ML to perform user behavior analysis and build accurate threat models to

enhance data protection capabilities with more CISOs not having the resources

to monitor and investigate alerts quickly.