Gigamon, the Santa Clara-based infrastructure software provider that helps companies monitor network traffic and detect security threats, could soon change hands again in a deal that would value the company at more than $2 billion. Owners Elliott Investment Management and Siris are exploring a potential sale, according to sources cited by the deal, though the process remains in its early stages.
Elliott Investment Management and Siris have tapped Bank of America and Perella Weinberg Partners as investment bankers to advise Gigamon on the potential sale process, according to KSL News. The outlet, citing sources, reports the deal could attract interest from both private equity firms and strategic buyers, with potential strategic acquirers looking to expand their own capabilities in network monitoring, cybersecurity, and cloud infrastructure management.
Founded in 2004, Gigamon now serves more than 4,000 customers globally, including banks, healthcare providers, and government agencies, per the same report. The company's reach extends well beyond that customer count: its software is deployed across more than 80 percent of Fortune 100 enterprises and nine of the 10 largest mobile network providers, according to Gigamon, which also counts the U.S. Department of Defense among its federal clients.
From Public Company to Private Equity Target — and Back Again
This wouldn't be Gigamon's first rodeo with Wall Street dealmakers. The company completed its initial public offering on the New York Stock Exchange in June 2013 under the ticker GIMO, pricing shares at $19. Gigamon offered 4.5 million shares, while existing stockholders offered 2.25 million; the total offering was about $128.25 million, and Gigamon would receive none of the proceeds from the stockholders’ shares, according to a release carried on PR Newswire.
Four years later, Elliott Management's private equity arm, Evergreen Coast Capital, agreed to acquire Gigamon for $38.50 per share in cash, taking the company private in a deal valued at roughly $1.6 billion, according to a deal analysis published by Wilson Sonsini. Gigamon has pursued a deep-observability strategy, with products for network threat detection in hybrid cloud and AI environments.
Shane Buckley took over as Gigamon's President and Chief Executive Officer in April 2022, succeeding longtime CEO Paul Hooper, Gigamon says. Buckley had previously spent four years as the company's President and Chief Operating Officer before stepping into the top job.
Siris Joined as Minority Partner in 2024
Siris bought a minority stake in Gigamon in 2024, KSL News reports. The investment was intended to support innovation and growth and preceded the current exit discussions.
Gigamon currently generates more than $400 million in annual recurring revenue and around $170 million in EBITDA, according to the sourcing behind the KSL News report. Those numbers, paired with Gigamon's dominant position in its sector, help explain the more than $2 billion price tag now being floated. Market intelligence firm 650 Group found Gigamon held a 51 percent global market share in deep observability for 2025, maintaining its lead in a market the firm projects will grow at a 29 percent compound annual rate to nearly $2.1 billion by 2030, per Gigamon.
Declined Comment Across the Board
Gigamon, Siris, Elliott, and Bank of America all declined to comment on the potential sale when reached, while Perella Weinberg did not respond to a request for comment, according to KSL News. The silence is typical for deals still described as early-stage, and it leaves open whether Gigamon's eventual buyer will be a private equity sponsor or a strategic player in network security such as a larger cybersecurity incumbent.
The interest in Gigamon reflects a broader pattern among investors, who continue to show appetite for software companies that provide infrastructure tools for cloud computing, cybersecurity, and artificial intelligence deployments, per the KSL News report. Elliott Investment Management, headquartered in Florida, had approximately $80.3 billion in assets as of June 30, 2026, according to Elliott Investment Management, underscoring the scale of the firm now weighing its next move with one of Silicon Valley's longest-running network security names.
