Elliott, Siris weigh $2bn-plus sale of Gigamon

Investor Elliott Investment Management and venture capital firm Siris Capital are exploring the possibility of selling network infrastructure software company Gigamon for a deal exceeding $2 billion, according to Reuters citing anonymous sources familiar with the situation. Bank of America and Perella Weinberg Partners have been appointed to advise on the potential transaction, which is currently in its early stages and confidential.

The discussions could attract interest from both private equity firms and strategic buyers keen on expanding their presence in network monitoring, cybersecurity, and cloud infrastructure management.

Gigamon, based in Santa Clara, California, specializes in software that allows businesses to monitor network traffic and detect security threats. Founded in 2004, the company boasts over 4,000 customers globally, including financial institutions, healthcare organizations, and government agencies. In 2023, Gigamon generated more than $400 million in annual recurring revenue and approximately $170 million in EBITDA.

Both Elliott and Siris declined to comment on the matter, while Perella Weinberg Partners did not respond to a request for comment. Elliott's private equity firm acquired Gigamon in 2017 at a valuation of around $1.6 billion. In 2024, Siris acquired a minority stake in the company.