Secureworks (SCWX) announced an agreement on Monday to be bought by Thoma Bravo-backed Sophos for $859 million in a cash deal that will strengthen the purchaser's cybersecurity portfolio.

Cybersecurity company Secureworks' shareholders will receive $8.50 per share, representing a 28% premium to the unaffected volume-weighted average price, according to the joint announcement. Thoma Bravo is a software investment firm.

Shares of Secureworks fell 1.3% in midday trade.

Dell Technologies (DELL) owns all of Secureworks' outstanding class B common stock, which as of Aug. 2, reflected a 78.9% stake and roughly 97.4% of the combined voting power, according to a Form 10-Q filed in September.

"Sophos' portfolio of leading endpoint, cloud, and network security solutions -- in combination with our XDR-powered managed detection and response -- is exactly what organizations are looking for to strengthen their security posture and collectively turn the tide against the adversary," Secureworks Chief Executive Wendy Thomas said in a statement.

The buyout will strengthen Secureworks' go-to-market offering, she said. The transaction is expected to close in early 2025.

Sophos plans to create a "broader and stronger security portfolio" for small, mid- and enterprise customers, according to the joint announcement.

"Combined with our security solutions and industry leadership in (managed detection and response), we will strengthen our collective position in the market and provide better outcomes for organizations of all sizes globally," said Sophos CEO Joe Levy.

Secureworks last month reported a drop in fiscal second-quarter revenue to $82.2 million from $93 million the year earlier amid declines in both subscription and professional services. Annual recurring revenue grew 5% year over year to $290 million.