Proofpoint, Inc. (NasdaqGS:PFPT) will seek M&A. Paul Auvil Chief Financial Officer answered to a question during the Morgan Stanley Technology, Media and Telecom Conference 2021, "So the net of it is, I think we'll continue to look to do M&A. It's been a great way to expand TAM, add great people and great technology to the company. But we're in no hurry. Just like in 2020, you saw we just did one small deal. There continue to be, say, outsized expectations in terms of valuations for many of these private companies. And so we've looked at a lot of companies, found a number that we thought were quite interesting but couldn't even get close in terms of agreement on value".