Zix Corporation (NasdaqGS:ZIXI) entered into a definitive agreement to acquire AppRiver, LLC from Marlin Equity IV LP managed by Marlin Equity Partners, LLC and others for approximately $280 million on January 14, 2019. Under the terms, the purchase price will be paid in cash and is subject to customary working capital adjustments and certain expense sharing arrangements. In respect of the acquisition, Zix entered into a definitive agreement with True Wind Capital, which will invest $100 million in debt through newly issued Series A and Series B preferred stock. As a part of this investment, Zix board of directors expanded to eight members and appointed James H. Greene Jr, Founding Partner of True Wind and Principal, Brandon Van Buren to the board effective upon closing of investment. Zix received a commitment letter from SunTrust Bank and KeyBanc Capital Markets with regard to a new five-year $175 million term loan and $25 million revolving credit facility. The proceeds from this term loan will be used to partially fund the transaction. The debt financing is expected to close simultaneously with the closing of the transaction. The transaction is subject to customary closing conditions including financing secured by the Zix Corporation and listing of the Series A preferred stock on NASDAQ. The transaction is expected to close in first quarter of 2019. AppRiver expected to more than double Zix’s revenue and adjusted EBITDA. Evercore Inc. and DCS Advisory LLC acted as financial advisors and Marc D. Browning, P.C. and Brendan W. Caldon from Kirkland & Ellis LLP acted as legal advisor to AppRiver, LLC. RBC Capital Markets LLC and Cowen acted as financial advisors and Mollie Duckworth of Baker Botts L.L.P. as legal advisor to Zix. PJT Partners acted as financial advisor and William Brentani of Simpson Thacher & Bartlett LLP as legal advisor to True Wind Capital. PJT Partners Inc. acted as financial advisor to Zix Corporation.