TPI Composites files for Chapter 11

BY Fraser Tennant

Amid “industry-wide pressures”, US wind turbine blade maker TPI Composites, along with its domestic subsidiaries, has filed for Chapter 11 bankruptcy protection to pursue a comprehensive restructuring.

To allow it to emerge as a stronger enterprise, TPI has reached an agreement, subject to final documentation and approval of the Bankruptcy Court, with its senior secured lenders comprised of funds affiliated with funds managed by Oaktree Capital Management.

The agreement will see Oaktree provide a debtor-in-possession financing facility which is expected to be comprised of up to $27.5m in new money to support TPI’s day to day operations and up to $55m rolled up from the company’s existing senior secured credit facility.

“Industry-wide pressures have created financial challenges that must be addressed,” said Bill Siwek, chief executive of TPI. “We have explored a variety of alternatives to address the challenges we face and believe that a Chapter 11 process is necessary to position the company for success.”

In conjunction with the Chapter 11 proceedings, TPI has filed a number of customary motions with the Bankruptcy Court seeking court authorisation to support its operations, including the payment of employee wages, salaries and benefits.

TPI anticipates receiving court approval for these requests and intends to continue honouring its obligations to key stakeholders post filing, including by satisfying payment obligations to suppliers for goods and services provided in accordance with customary terms after the filing.

“We aim to reach agreement with stakeholders on the terms of a plan of reorganisation for the company to be able to right-size its balance sheet and go forward with the ability to compete successfully in the current economic environment,” continued Mr Siwek. “Doing so will provide access to new liquidity to continue our operations and invest in innovation, ensuring our customers can continue to count on TPI for leading-edge wind blade solutions.”

Focused on innovative and sustainable solutions to decarbonise and electrify the world, TPI operates factories in the US, Mexico, Turkey and India, with additional engineering development centres in Denmark and Germany and global service training centres in the US and Spain.

TPI does not expect any material operational impact from the Chapter 11 proceedings and will continue to operate its manufacturing sites to deliver blade services.

Mr Siwek concluded: “I am grateful to our associates for their dedication in continuing to deliver outstanding service, and to our customers, suppliers, service providers and other stakeholders for their steadfast support during this restructuring.”

News: Oaktree to take over wind blade maker TPI after bankruptcy

Centerbridge Partners agrees $2bn MeridianLink deal

BY Richard Summerfield

Investment firm Centerbridge Partners has agreed to acquire financial software provider MeridianLink in a $2bn deal. Under the terms of the agreement, MeridianLink shareholders will receive $20 per share in cash for each share of common stock they own.

The deal has been unanimously approved by MeridianLink’s board and is expected to close in the second half of 2025 pending shareholder and regulatory approvals. Investors holding about 55 percent of the company’s common stock have agreed to support the transaction. Once completed, MeridianLink will be privately held and remain headquartered in Irvine, California.

“We are excited for the next chapter of innovation and growth with our partners at Centerbridge,” said Larry Katz, president and chief executive-designate of MeridianLink. “Today’s announcement is a strong endorsement of our leading digital lending platform that serves nearly 2000 community financial institutions and reporting agencies. Together with Centerbridge, we will unlock the potential of this company by accelerating product innovation, harnessing the power of AI and data, and enhancing the delivery of exceptional customer experiences.”

“This is an exciting next step for MeridianLink,” said Nicolaas Vlok, chief executive of MeridianLink. “Our dedicated team has built our market-leading platform and partner ecosystem, and I am confident in the path forward for the Company, bolstered by Larry’s leadership and Centerbridge’s partnership.”

“Over the last several years, our Board has carefully evaluated alternatives to maximise shareholder value,” said Ed McDermott, chair of the board at MeridianLink. “The Board thoroughly reviewed Centerbridge’s proposal with the assistance of independent financial and legal advisors and determined this transaction would create certain, compelling and immediate value for our shareholders at an attractive premium and position MeridianLink to increase its competitive edge in a rapidly changing technology landscape.”

“As the pace of change across the finance and tech sectors continues to accelerate, MeridianLink is uniquely positioned to help financial institutions enhance their digital lending and credit reporting capabilities to expand and deepen client relationships, unlock the potential of data and AI, and drive their growth,” said Jared Hendricks, senior managing director and Ben Jaffe, managing director of Centerbridge. “At Centerbridge, we have a proven track record of partnering with exceptional companies at the intersection of finance and technology to create value for customers and opportunities for employees. We believe in the importance of fostering a vibrant, modern banking system using market-leading technology.”

For the second quarter of 2025, MeridianLink posted revenue of $84.6m, an increase of 8 percent year on year. The company reported lending software solutions revenue of $68.7m in the quarter, up 12 percent from a year earlier. Operating income was $5.2m, or 6 percent of revenue, while non-generally accepted accounting principles operating income reached $23m or 27 percent.

News: Software firm MeridianLink to go private in $2 billion deal with Centerbridge

Cyber crime costs increase – report

BY Richard Summerfield

An increasing number of attacks on critical infrastructure, a surge in phishing and record-breaking vulnerability disclosures are among the challenges facing companies operating today, according to a new report from critical infrastructure cyber security firm OPSWAT.

The report, OPSWAT’s inaugural Threat Landscape Report, reveals key findings from over 890,000 sandbox scans conducted over the past 12 months.

Among the key highlights within the report is the global cost of cyber crime, which is projected to reach $1.2 trillion in 2025, with downtime and lost productivity representing up to $1 trillion of that total. The report also highlighted a 127 percent rise in malware complexity and warns that traditional detection methods are falling behind, with one in 14 files initially deemed ‘safe’ by legacy systems later confirmed to be malicious. According to OPSWAT, the results underscore the need for multilayered defences and a shift away from outdated tools.

Attacks on operational technology (OT) and critical infrastructure have continued their upward trajectory in 2025. Sectors such as manufacturing, energy and utilities remain at the forefront of threat actor targeting, with financial and espionage motivations both in play. Ransomware remains one of the most prominent threats, featuring in 44 percent of all breaches across sectors and accounting for 75 percent of breaches within the system intrusion pattern. Vulnerability exploitation has also risen sharply as an initial access vector, with attackers particularly focusing on edge devices, firewalls and VPN services.

The report also made note of the surge in malware sophistication which is being driven by multi-stage execution chains and heavy obfuscation, with 7.3 percent of files missed by public OSINT feeds flagged as malicious by Filescan.io, on average 24 hours earlier. These were confirmed executions, not speculative flags, highlighting how adaptive analysis can close dangerous gaps left by static and reputation-based systems.

According to the report, malicious actors are increasingly favouring stealth over scale, concealing payloads in formats such as .NET bitmaps and steganographic images and repurposing Google services for covert command-and-control activity. Social engineering tactics are also evolving, with methods such as ‘ClickFix’ – a clipboard hijacking technique – becoming more widespread, with such attacks enjoying a bump in popularity among both criminal and nation-state actors.

Heightened regulatory scrutiny is also having an impact as it intensifies, particularly in the EU through the Network and Information Systems Security Directive 2, or NIS2, and the Cyber Resilience Act, and in North America, which is driving mandatory reporting and resilience requirements for critical infrastructure. As a result, the cyber security market itself is projected to grow at a 12.6 percent compound annual growth rate, reaching $301.9bn in 2025.

According to OPSWAT: “As critical infrastructure, government systems, and enterprise networks face growing targeting from increasingly modular and evasive malware, the findings of this report spotlight the evolving adversary playbook and the need for integrated, multilayered solutions. Cybersecurity leaders must now prioritize adaptability, shared intelligence, reassessing technology, and fast behavioral detection pipelines to protect systems from known threats, but also to keep pace with a rapidly evolving threat landscape and whatever is on the horizon.”

Report: 2025 OPSWAT Threat Landscape Report

Palo Alto Networks acquires CyberArk in $25bn deal

BY Fraser Tennant

In one of the largest technology deals of 2025, US multinational cyber security leader Palo Alto Networks is to acquire Israeli information security company CyberArk in a cash and stock transaction valued at approximately $25bn.

Under the terms of the definitive agreement, CyberArk shareholders will receive $45 in cash and 2.2005 shares of Palo Alto Networks common stock for each CyberArk share.

Combining CyberArk’s longstanding leadership in identity security and privileged access management with Palo Alto Networks’ comprehensive artificial intelligence (AI)-powered security platforms will extend privileged identity protection to all identity types, including human, machine and the new wave of autonomous AI agents.

“Our market entry strategy has always been to enter categories at their inflection point,” said Nikesh Arora, chairman and chief executive of Palo Alto Networks. “This strategy has guided our evolution from a next-gen firewall company into a multi-platform cyber security leader. The rise of AI and the explosion of machine identities have made it clear that the future of security must be built on the vision that every identity requires the right level of privilege controls.”

Once closed, the combination of the two organisations will offer the industry’s most comprehensive and integrated security portfolio, providing customers with a single, trusted vendor for their most critical security needs.

“This is a profound moment in CyberArk’s journey,” said Udi Mokady, founder and executive chairman of CyberArk. “From the beginning, we set out to protect the world’s most critical assets, with a relentless focus on innovation, trust and security. Joining forces with Palo Alto Networks is a powerful next chapter, built on shared values and a deep commitment to solving the toughest identity challenges.”

The transaction – which is subject to the satisfaction of customary closing conditions including the receipt of regulatory clearances and approval by CyberArk shareholders – has been unanimously approved by the boards of directors of both Palo Alto Networks and CyberArk, and is expected to close during the second half of 2026.

Mr Mokady concluded: “Together, we will bring unmatched expertise across human and machine identities, privileged access, and AI-driven innovation to secure and define the next chapter of cyber security.”

News: Palo Alto Networks (PANW) to Acquire CyberArk in $25 Billion AI Security Deal

3D printer maker Desktop Metal files for Chapter 11

BY Fraser Tennant

US 3D printer manufacturer Desktop Metal, along with more than a dozen of its US affiliates, has filed for Chapter 11 bankruptcy protection in the Southern District of Texas. 

According to court documents, Desktop Metal – a subsidiary of machinery industry company Nano Dimension – has assets and liabilities in the range of $100m to $500m.

The decision to file for Chapter 11 was made by Desktop Metal’s independent board of directors after exploring strategic alternatives to address significant liabilities and liquidity needs stemming from decisions made by its prior management.

Although the filing means that the company is unable to meet contractual obligations regarding services or pay, Desktop Metal will retain control of its business operations while it undergoes reorganisation, including a planned sale of its subsidiaries.

To that end, the company is in discussions to sell a number of its foreign subsidiaries – ExOne GmbH, EnvisionTEC GmbH, ExOne KK, and AIDRO srl – to an affiliate of Anzu Partners, an investment firm that focuses on cleantech, industrial and life science technology companies.

Should the court-supervised process be successful, the sale will go toward repaying part of Desktop Metal’s debts, resulting in a stabilisation of the remaining corporate structure.

“We are safeguarding our financial strength and preserving our position as the best capitalised company in our ecosystem,” said Ofir Baharav, chief executive of Nano Dimension. “This is what enables Desktop Metal to pursue strategic opportunities from a position of maximum strength – and that is exactly what the company’s shareholders should expect from us.”

Nano Dimension acquired Desktop Metal in a $179.3m transaction in April 2025.

Driving a new era of digital mass production of industrial, military, medical and consumer products, the Massachusetts-based Desktop Metal’s innovative 3D printers, materials and software save time and money, reduce waste, increase flexibility and enable once-impossible innovations.

In a statement, Desktop Metal said it valued its stakeholders – employees, customers, vendors and other partners – and would be communicating with them directly regarding next steps in the coming days.

News: Nano Dimension subsidiary Desktop Metal files for Chapter 11 bankruptcy