Varonis Systems Prices of Upsized Follow-on Offering of Common Stock


NEW YORK, Feb. 11, 2021 (GLOBE NEWSWIRE) -- Varonis Systems, Inc. (Nasdaq: VRNS) today announced it has priced its upsized underwritten public offering of 2,307,693 shares of its common stock, at a price of $195.00 per share, for total gross proceeds of approximately $450 million, before deducting the underwriters' discount and estimated offering expenses payable by Varonis. Varonis granted the underwriters of the offering a 30-day option to purchase up to an additional 346,153 shares of common stock. The offering is expected to close on February 16, 2021, subject to customary closing conditions.

Varonis intends to use the net proceeds from this offering for general corporate purposes, including working capital and capital expenditures, and for potential acquisitions, including complementary businesses, technologies or assets.

J.P. Morgan Securities LLC, Barclays Capital Inc., Jefferies LLC and RBC Capital Markets, LLC are acting as joint book-running managers for the offering. Needham & Company, LLC, Cowen and Company, LLC, JMP Securities LLC, Mizuho Securities USA LLC, Piper Sandler & Co., Truist Securities, Inc., William Blair & Company, L.L.C, The Benchmark Company, LLC, Craig-Hallum Capital Group LLC, D.A. Davidson & Co. and Wedbush Securities, Inc. are acting as co-managers for the offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Varonis
Varonis is a pioneer in data security and analytics, fighting a different battle than conventional cybersecurity companies. Varonis focuses on protecting enterprise data: sensitive files and emails; confidential customer, patient and employee data; financial records; strategic and product plans; and other intellectual property. The Varonis Data Security Platform detects cyberthreats from both internal and external actors by analyzing data, account activity and user behavior; prevents and limits disaster by locking down sensitive and stale data; and efficiently sustains a secure state with automation. Varonis products address additional important use cases including data protection, data governance, zero trust, compliance, data privacy, classification and threat detection and response. Varonis started operations in 2005 and has customers spanning leading firms in the financial services, public, healthcare, industrial, insurance, energy and utilities, technology, consumer and retail, media and entertainment and education sectors.

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