Wake That SaaS Up Daily 6/24/2026

研报英文原文证据摘录

Wake That SaaS Up Daily 6/24/2026

June 24, 2026

Interesting Reads

VRNS Reportedly Exploring a Potential Sale - What Happened? Bloomberg reported Tuesday that VRNS is exploring

strategic options including a potential sale after receiving takeover interest, and is working with advisers as it fields

preliminary interest from private equity firms including Blackstone, Thoma Bravo, and Vista Equity Partners. Shares rose

~11% intraday. The article also highlighted that deliberations are in early stages and that there is no certainty that the

company will decide to pursue a sale.

Our Take. While the article highlights that it is still very early, we think the data security space is very hot right now

given the enterprise push to deploy AI, which coupled with the growth profile of the SaaS business (ARR +69% in

the most recent quarter) makes now a pretty solid time to sell. Following the post-news pop, shares are now trading

at ~4.5x FY27 consensus sales. We believe that if a deal were to ultimately get done, the implied multiple would be

closer to 6x FY27 sales, which is relatively in-line with the Tier-2 recent SaaS M&A EV/FY+2 Sales average of 6.3x and

a premium to our All Security comp group which trades at a median multiple of ~5x. We believe the premium to All-

Security is justified given VRNS' growth profile when compared to the broader group (consensus VRNS FY+2 growth:

18% / Wolfe Upside: 23% vs. All Security comp group median: 10%). This would imply a potential takeout price of $46

or ~30% upside from where shares trade today.

Who Else Could Get Acquired? We think that Commvault (CVLT), which also sells into the data security space, is a

likely takeout candidate for private equity especially following M&A rumors back in April '26. We also see SentinelOne