Elliott, Siris Weigh $2 Billion-Plus Sale of Gigamon

Elliott Investment Management and Siris Capital are exploring a sale of Gigamon, a network infrastructure software provider, according to people familiar with the matter.

The firms have appointed Bank of America and Perella Weinberg Partners to advise on a potential transaction, the people said. The discussions are at an early stage and may not result in a sale.

The process could attract private equity firms and strategic buyers seeking to expand in network monitoring, cybersecurity and cloud infrastructure management.

Gigamon, based in Santa Clara, California, develops software that helps businesses monitor network traffic and identify security threats. Founded in 2004, the company has more than 4,000 customers worldwide, including financial institutions, healthcare organizations and government agencies.

Gigamon generates more than $400 million in annual recurring revenue and about $170 million in earnings before interest, taxes, depreciation and amortization, according to the people.

Gigamon, Elliott, Siris and Bank of America declined to comment. Perella Weinberg Partners did not respond to a request for comment.

Elliott took Gigamon private in 2017 in a transaction that valued the company at about $1.6 billion. Siris acquired a minority stake in the business in 2024.