v3.22.4
Subsequent Events
6 Months Ended
Jan. 31, 2023
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Acquisition of Canonic Security Technologies, Ltd.
In February 2023, we completed the acquisition of Canonic Security Technologies, Ltd. (“Canonic”), an early-stage technology company incorporated in Israel. We plan to integrate Canonic’s technology into our cloud platform. Pursuant to the terms of the purchase agreement, the purchase consideration totaled approximately $20.3 million before adjustments, as defined. Certain Canonic employees, who became our employees, are entitled to receive deferred purchase consideration payable in the form of shares of our authorized common stock, which are subject to future employment services. Additionally, we committed to issue to certain Canonic employees, who became our employees, RSUs and PSAs with an aggregated estimated value of $5.3 million at closing, which are subject to future employment services. The purchase consideration for the acquired business will be allocated to the assets acquired and liabilities assumed based on their respective estimated fair values on the closing date. Due to the timing of the acquisition, the initial accounting for the acquisition is incomplete. As such, we are not able to disclose certain information relating to the acquisition, including the
preliminary fair value of assets acquired and liabilities assumed. We expect to complete the initial accounting for this acquisition during the third quarter of fiscal 2023.
Restructuring Plan
On March 1, 2023, we committed to a plan to restructure and reduce our workforce as a part of our planned efforts to streamline operations and to align people, roles and projects to our strategic priorities. In connection with these actions, we expect to reduce our worldwide headcount by approximately 3%. The reduction in workforce is currently expected to be substantially complete by the end of fiscal 2023. We expect to incur aggregate non-recurring charges of approximately $8.0 million to $10.0 million, consisting primarily of employee severance and benefit costs associated with the restructuring. We expect to recognize the majority of these charges in the third quarter of fiscal 2023.