F5 adquirirá a Volterra por US$ 440 milhões de dólares
Objetivo é criar a primeira plataforma Edge 2.0 para empresas e provedores de serviços, levando para a borda da rede a segurança e a performance de aplicações que caracterizam a oferta F5; para o primeiro trimestre do ano fiscal 2021, a F5 espera um crescimento de aproximadamente 10%, com receita GAAP e não-GAAP entre USD 623 e USD 626 milhões
São Paulo, 11 de janeiro de 2021 – A F5 (NASDAQ: FFIV), empresa líder em soluções que garantem a segurança e a entrega de aplicações corporativas, e a Volterra, a primeira plataforma universal edge-as-a-service, anunciaram um acordo definitivo sob o qual a F5 adquirirá todas as ações emitidas e a emitir da empresa privada Volterra por aproximadamente USD 440 milhões em dinheiro e aproximadamente USD 60 milhões em remuneração diferida e compensação por incentivos não concedidos presumidos, para fundadores e funcionários. Com a adição da plataforma tecnológica da Volterra, a F5 está criando uma plataforma edge construída para empresas e provedores de serviços, que terá prioridade para a segurança e será app-driven com escala ilimitada.
“As atuais soluções edge são simplesmente inadequadas para os atuais clientes empresariais. É tempo de nos libertarmos de sistemas edge fechados que só perpetuam a dor de desenvolver, executar e dar segurança a apps”, disse François Locoh-Donou, Presidente e CEO da F5. “Com a Volterra, nós fazemos progredir nossa visão de Aplicações Adaptativas com uma plataforma Edge 2.0 que resolve a complexa realidade multinuvem confrontada pelos clientes empresariais. Nossa plataforma criará uma solução SaaS que resolve os problemas mais críticos dos nossos clientes. O sucesso da transformação de software da F5 nos colocou em uma posição de entregar no potencial do Edge 2.0 e redefinir a nossa posição competitiva.”
“Estou empolgado por trabalhar em contato direto com François e a equipe da F5 para ajudá-los a ser pioneiros na evolução do edge para entregar experiências de aplicações mais adaptativas e dinâmicas para todos os nossos clientes”, disse Ankur Singla, Fundador e CEO da Volterra. “Com a nossa plataforma, estenderemos ao edge a liderança da F5 em segurança de aplicações, expandindo assim nossa penetração combinada no segmento de mais rápido crescimento do mercado total atingível da F5, de USD 28 bilhões em 2023.”
A Volterra permite uma nova plataforma Edge 2.0 open edge, que transformará a posição de liderança da F5 em segurança e distribuição de aplicações empresariais, atacando os desafios inerentes com soluções edge de primeira geração. A plataforma Edge 2.0 da F5 terá as seguintes características:
- Entregando segurança líder da indústria em vez de segurança commodity acrescentada a uma CDN ou nuvem.
- Fornecendo entrega de apps universal, “desenvolva uma vez, implemente globalmente”. Este edge definido por software, baseado em containers padrão da indústria e APIs, elimina a complexidade da multinuvem.
- O Edge 2.0 liberta os apps da “prisão da CDN” das plataformas edge fechadas, executando todos os serviços em qualquer servidor, em todas as nuvens e data centers.
As diretorias da F5 e da Volterra aprovaram a transação, que está sujeita a aprovações regulatórias e outras condições habituais de concretização do negócio. Espera-se que a transação se concretize no primeiro trimestre do ano-calendário 2021.
Na concretização da transação, Ankur Singla e a equipe de liderança da Volterra ocuparão cargos elevados na F5. A Volterra permanecerá em sua atual sede em Santa Clara.
Resultados preliminares do primeiro trimestre do ano fiscal 2021
A F5 liberou também uma previsão dos resultados financeiros do seu primeiro trimestre do ano fiscal 2021. Com base nas informações disponíveis no momento, a empresa estima os resultados abaixo para o trimestre encerrado em 31 de dezembro de 2020.
“Estamos em vias de apresentar o nosso melhor resultado trimestral desde que embarcamos em nossa transformação, com um crescimento das receitas de aproximadamente 10% impulsionado por uma forte demanda contínua de software, juntamente com resiliência em nosso negócio de sistemas”, acrescentou Locoh-Donou.
Sobre a Volterra
Baseada em Santa Clara, Califórnia, a Volterra fornece uma plataforma distribuída de serviços de nuvem para implementar, colocar em rede e dar segurança a aplicações em multinuvem e no edge. Desde pequenas empresas até corporações Fortune 100 e operadoras globais de telecomunicações estão usando Volterra para implementar e operar aplicações distribuídas em um conjunto consistente de serviços na nuvem, visibilidade ponta a ponta e controle. Equipes de DevOps podem gerenciar grandes conjuntos de aplicações e infraestrutura com menos complexidade. Equipes de NetOps podem simplificar a conexão em rede e a segurança app-a-app entre várias nuvens.
Sobre a F5
A F5 (NASDAQ: FFIV) oferece às empresas mais importantes do mundo, provedores de serviços, governos e marcas voltadas para o consumo a liberdade de fornecerem todas as aplicações de maneira segura, em qualquer lugar, e com a confiança de que precisam. A F5 cria uma camada de serviços para as aplicações que inclui criptografia e segurança e permite que as organizações adotem a infraestrutura de sua escolha sem sacrificar a velocidade e o controle. Para obter mais informações, acesse f5.com. Você também pode nos seguir em @f5_latam no Twitter ou nos visitar no LinkedIn, Facebook e Instagram para saber mais sobre a F5, seus parceiros e tecnologias. F5 e BIG-IP são marcas comerciais ou marcas de serviço da F5, Networks Inc. nos Estados Unidos e em outros países. Todos os outros nomes de produtos e empresas incluídos aqui podem ser marcas comerciais de seus respectivos proprietários.
F5 Live Conference Call & Webcast Details
F5 will host a live webcast and conference call to discuss the transaction and its preliminary first quarter fiscal year 2021 results with investors and analysts beginning at 5:15 p.m. ET, or 2:15 p.m. PT, today, January 7, 2021. The live webcast link can be accessed from the investor relations portion of f5.com. The audio-only version of the live call can be accessed by dialing (833) 714-0927 for callers in the U.S. and Canada or +1 (778) 560-2886 for listeners from other countries. Please use Meeting ID: 8879455.
The webcast and call will be recorded, and replays will be available as follows:
Replay Via Webcast: Access via the investor relations portion of F5’s website.
Replay Via Phone: (800) 585-8367 (US & Canada) or +1 (416) 621-4642 (outside of the U.S. and Canada) available January 7, 2021 through January 8, 2021. Use Meeting ID: 8879455.
Foros acted as financial advisor to F5. Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to F5, and Goodwin Procter LLP acted as legal advisor to Volterra.
1 F5 is currently working through the accounting close process for the quarter ended December 31, 2020 and an estimate of GAAP earnings per share is not yet available. The company expects to provide GAAP earnings per share for the quarter ended December 31, 2020 with its final results announcement, expected on January 26, 2021.
2 F5 is currently working through the accounting close process for the quarter ended December 31, 2020 and therefore a reconciliation of revenue on a GAAP to non-GAAP basis is not yet available. This reconciliation is expected to be available and provided with the company’s final results announcement, expected on January 26, 2021.
3 Following its acquisition of Shape Security, to provide transparency to what F5 management believes reflects its ongoing business results, for the four quarters following the acquisition, F5 is reporting both GAAP and non-GAAP revenue. Non-GAAP revenue excludes the impact of the purchase accounting write-down on Shape’s assumed deferred revenue.
F5 Forward-Looking Statements
This press release contains forward-looking statements including, among other things, statements regarding the completion and timing of the Volterra acquisition, continuing strength and momentum of F5’s and Volterra’s business, past and future financial performance including revenue and operating targets, sequential growth, preliminary and projected revenue information including revenue, earnings and earnings per share ranges share repurchases and programs, demand for application delivery networking, application delivery services, security, SaaS, edge services and software products, expectations regarding future services and products, expectations regarding future customers, markets and the benefits of products, and other statements that are not historical facts and which are forward-looking statements. These forward-looking statements are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those projected in the forward-looking statements as a result of certain risk factors. Such forward-looking statements involve risks and uncertainties, as well as assumptions and other factors that, if they do not fully materialize or prove correct, could cause the actual results, performance or achievements of the company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to: customer acceptance of Volterra and F5 offerings; potential disruptions to F5’s business and distraction of management as F5 integrates Volterra’s business, team, and technology; F5’s ability to successfully integrate Volterra’s products with F5 technologies; the ability of F5’s sales professionals and distribution partners to sell Volterra’s product and service offerings; the completion of F5’s review and audit of its first quarter financial results, condition and cash flows, including finalization of the related financial information and guidance; the timely development, introduction and acceptance of additional new products and features by F5 or its competitors; competitive factors, including but not limited to pricing pressures, industry consolidation, entry of new competitors into F5’s markets, and new product and marketing initiatives by our competitors; increased sales discounts; the business impact of the acquisition of Volterra and potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the acquisition; uncertainties as to the timing, including receipt of applicable regulatory approvals, of the Volterra transaction; uncertain global economic conditions which may result in reduced customer demand for our products and services and changes in customer payment patterns; global economic conditions and uncertainties in the geopolitical environment; overall information technology spending; litigation involving patents, intellectual property, shareholder and other matters, and governmental investigations; natural catastrophic events; a pandemic or epidemic; F5’s ability to sustain, develop and effectively utilize distribution relationships; F5’s ability to attract, train and retain qualified product development, marketing, sales, professional services and customer support personnel; F5’s ability to expand in international markets; the unpredictability of F5’s sales cycle; the ability of F5 to execute on its share repurchase program including the timing of any repurchases; future prices of F5’s common stock; and other risks and uncertainties described more fully in our documents filed with or furnished to the Securities and Exchange Commission, including our most recent reports on Form 10-K and Form 10-Q and current reports on Form 8-K and other documents that we may file or furnish from time to time, which could cause actual results to vary from expectations. The financial information contained in this release should be read in conjunction with the consolidated financial statements and notes thereto included in F5’s most recent reports on Forms 10-Q and 10-K as each may be amended from time to time. All forward-looking statements in this press release are based on information available as of the date hereof and qualified in their entirety by this cautionary statement. F5 assumes no obligation to revise or update these forward-looking statements.
GAAP to non-GAAP Reconciliation
F5’s management evaluates and makes operating decisions using various operating measures. These measures are generally based on the revenues of its products, services operations, and certain costs of those operations, such as cost of revenues, research and development, sales and marketing and general and administrative expenses. One such measure is GAAP net income excluding, as applicable, stock-based compensation, amortization of purchased intangible assets, acquisition-related charges, net of taxes, restructuring charges, facility-exit costs, significant litigation and other contingencies and certain non-recurring tax expenses and benefits, which is a non-GAAP financial measure under Section 101 of Regulation G under the Securities Exchange Act of 1934, as amended. This measure of non-GAAP net income is adjusted by the amount of additional taxes or tax benefit that the company would accrue if it used non-GAAP results instead of GAAP results to calculate the company’s tax liability.
The non-GAAP adjustments, and F5’s basis for excluding them from non-GAAP financial measures, are outlined below:
Acquisition-related write-downs of assumed deferred revenue. Included in its GAAP financial statements, F5 records acquisition-related write-downs of assumed deferred revenue to fair value, which results in lower recognized revenue over the term of the contract. F5 includes revenue associated with acquisition-related write-downs of assumed deferred revenue in its non-GAAP financial measures as management believes it provides a more accurate depiction of revenue arising from our strategic acquisitions.
Stock-based compensation. Stock-based compensation consists of expense for stock options, restricted stock, and employee stock purchases through the company’s Employee Stock Purchase Plan. Although stock-based compensation is an important aspect of the compensation of F5’s employees and executives, management believes it is useful to exclude stock-based compensation expenses to better understand the long-term performance of the company’s core business and to facilitate comparison of the company’s results to those of peer companies.
Amortization of purchased intangible assets. Purchased intangible assets are amortized over their estimated useful lives and generally cannot be changed or influenced by management after the acquisition. Management does not believe these charges accurately reflect the performance of the company’s ongoing operations, therefore, they are not considered by management in making operating decisions. However, investors should note that the use of intangible assets contributed to F5’s revenues earned during the periods presented and will contribute to F5’s future period revenues as well.
Facility-exit costs. In fiscal year 2019, F5 relocated its headquarters in Seattle, Washington, and recorded charges in connection with this facility exit as well as other non-recurring lease activity. These charges are not representative of ongoing costs to the business and are not expected to recur. As a result, these charges are being excluded to provide investors with a more comparable measure of costs associated with ongoing operations.
Acquisition-related charges, net. F5 does not acquire businesses on a predictable cycle and the terms and scope of each transaction can vary significantly and are unique to each transaction. F5 excludes acquisition-related charges from its non-GAAP financial measures to provide a useful comparison of the company’s operating results to prior periods and to its peer companies. Acquisition-related charges consist of planning, execution and integration costs incurred directly as a result of an acquisition.
Impairment charges. In fiscal year 2019, F5 recorded impairment of capitalized software development costs reflecting strategy changes in certain product development initiatives. These charges are not representative of ongoing costs to the business and are not expected to recur. As a result, these charges are being excluded to provide investors with a more comparable measure of costs associated with ongoing operations.
Restructuring charges. F5 has incurred restructuring charges that are included in its GAAP financial statements, primarily related to workforce reductions and costs associated with exiting facility lease commitments. F5 excludes these items from its non-GAAP financial measures when evaluating its continuing business performance as such items vary significantly based on the magnitude of the restructuring action and do not reflect expected future operating expenses. In addition, these charges do not necessarily provide meaningful insight into the fundamentals of current or past operations of its business.
Management believes that non-GAAP net income per share provides useful supplemental information to management and investors regarding the performance of the company’s core business operations and facilitates comparisons to the company’s historical operating results. Although F5’s management finds this non-GAAP measure to be useful in evaluating the performance of the core business, management’s reliance on this measure is limited because items excluded from such measures could have a material effect on F5’s earnings and earnings per share calculated in accordance with GAAP. Therefore, F5’s management will use its non-GAAP earnings and earnings per share measures, in conjunction with GAAP earnings and earnings per share measures, to address these limitations when evaluating the performance of the company’s core business. Investors should consider these non-GAAP measures in addition to, and not as a substitute for, financial performance measures in accordance with GAAP.
F5 believes that presenting its non-GAAP measures of earnings and earnings per share provides investors with an additional tool for evaluating the performance of the company’s core business and is used by management in its own evaluation of the company’s performance. Investors are encouraged to look at GAAP results as the best measure of financial performance. However, while the GAAP results are more complete, the company provides investors these supplemental measures since, with reconciliation to GAAP, it may provide additional insight into the company’s operational performance and financial results.
F5 is currently working through the accounting close process for the quarter ended December 31, 2020 and therefore an estimate of GAAP earnings, as well as a reconciliation of revenue, net income, and earnings per share on a GAAP to non-GAAP basis is not yet available. The company expects to provide this reconciliation for the quarter ended December 31, 2020 with its final results announcement, expected on January 26, 2021.
F5 is a trademark or service mark of F5 Networks, Inc., in the U.S. and other countries. All other product and company names herein may be trademarks of their respective owners.