As announced on January 20, 2023, U.S. private equity firm, Thoma Bravo, is set to acquire Canadian cybercrime software company, Magnet Forensics, for $1.8 billion. This price includes $44.25 per share for subordinate voting stock and $39 a share for Magnet's three holders of multiple voting shares. The deal, agreed upon by both parties, is subject to certain conditions, including a potential break fee of $50 million by Magnet and $70 million by Thoma Bravo. The acquisition will see Magnet merged with Grayshift LLC, another Thoma Bravo-owned company. This union aims to leverage Magnet's computer and digital workflow tools with Grayshift's expertise in mobile data extraction, positioning the merged entity as a strong competitor to Cellebrite Mobile Synchronization Ltd. Interestingly, Magnet was initially in the race to acquire Grayshift, but Thoma Bravo won the bid. Post-acquisition, the two companies began discussing collaboration, eyeing dominance in the digital forensics and cybersecurity sectors. The new firm, to be U.S.-based, is expected to make further acquisitions and possibly re-enter public markets. Magnet's trajectory includes robust revenue growth and profitability since its public debut in 2021, a notable feat given the tech market fluctuations influenced by the pandemic, economic concerns, and other factors. However, the current tech environment sees many companies, like Magnet, valued below their peak prices, leading to a rise in acquisitions by cash-rich private equity firms. The deal involved advisory roles by Morgan Stanley, CIBC Capital Markets, and prominent law firms.