Deal Description: On November 9, 2020, Zix Corporation (Zix), a leading provider of cloud email security, productivity and compliance solutions, announced that it had acquired privately-held CloudAlly Ltd., an Israel-based industry leader in cloud-based data backup and recovery for business.
In connection with the acquisition, Zix modified its existing term loan led by Truist Bank by adding additional borrowings of $35.0 million. Zix used a portion of the borrowings to fund the CloudAlly acquisition and the remainder to repay all existing draws under its revolving credit facility.
Baker Botts represented Zix in the M&A transaction and the financing transaction.
Baker Botts Lawyers/Office Involved:
Executive Compensation & Benefits: David Schiller (Special Counsel, Dallas)
Income Tax: Steve Marcus (Partner, Dallas)
For more information, please see Zix’s news release by clicking here.
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