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.
ABOUT BAKER BOTTS L.L.P.
Baker Botts is an international law firm of more than 700 lawyers practicing throughout a network of 13 offices around the globe. Based on our experience and knowledge of our clients' industries, we are recognized as a leading firm in the energy, technology, and life sciences sectors. Since 1840, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit bakerbotts.com.