By Reuters Staff 2 Min Read (Reuters) -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. The deal, expected to close in the third quarter, will fetch Proofpoint shareholders $176 per share held, indicating a premium of about 34% to the stock’s last close. The company’s shares rose 30% in late afternoon trading on Monday.