Private equity firm Thoma Bravo said on Monday it would buy Proofpoint Inc in an all-cash deal that valued the cybersecurity firm at about $12.3 billion, at a time when remote working due to the pandemic has fueled a surge in demand for network security. Interest in cybersecurity firms has soared as more businesses turn to the cloud to run their operations and frequent cyberattacks. Cybersecurity industry funding reached an all-time high of $11.4 billion last year, a nearly 50% increase from 2018, according to CB Insights. On a fully diluted basis, Proofpoint is valued at $12.3 billion, the companies said, based on the conversion of the company’s convertible notes into equity. Sunnyvale, California-based Proofpoint also reported first-quarter earnings on Monday, topping Wall Street estimates for revenue and profit per share. However, the company has canceled its earnings call scheduled for April 29 due to the deal.