Exhibit 99.1

UNAUDITED PRO FORMA COMBINED

CONSOLIDATED FINANCIAL STATEMENTS

On February 20, 2019 (the “Acquisition Date”), Zix Corporation (“we”, “us”, “Zix”, or the “Company”) acquired AppRiver, a leading provider of cloud-based cybersecurity solutions (the “Acquisition”). The Company entered into a securities purchase agreement to acquire 100% of the issued and outstanding equity interests of AR Topco, LLC from AppRiver Holdings, LLC, AppRiver Marlin Topco, L.P., Marlin Equity IV, L.P., AppRiver Management Holding, LLC (collectively, the “Sellers”) as part of our strategy to accelerate our offerings into the cloud at the point of initial cloud application purchase and expand our customer base.

AppRiver, LLC is based in Gulf Breeze, Florida and provides email security solutions to businesses, including protection from spam, viruses, and internet malware. AppRiver, LLC operates in Europe through its wholly-owned subsidiaries AppRiver AG, a Swiss company (hereinafter referred to as “AG”) and AppRiver AG Spain SL, a Spanish company (hereinafter referred to as “SLU”). In addition, AppRiver, LLC owns 50% of ARM Research Labs, LLC.

Under the terms of the Acquisition, we paid preliminary consideration totalling $276.4 million. The Acquisition was primarily financed with a term loan totalling $175.0 million, along with a $100.0 million Convertible Preferred Equity Investment from True Wind Capital.

The following unaudited pro forma combined consolidated statements of operations for the nine months ended September 30, 2018 and the fiscal year ended December 31, 2017 and unaudited pro forma combined consolidated balance sheet as of September 30, 2018 present the combination of the historical consolidated financial statements of Zix, AppRiver, LLC and its subsidiaries (the “Predecessor” as defined below) and AR Topco, LLC and its subsidiaries (the “Successor” as defined below) to give effect to the acquisition of the Successor by Zix, which was completed on the Acquisition Date. The unaudited pro forma combined consolidated balance sheet and unaudited pro forma combined consolidated statements of operations are collectively referred to as the unaudited pro forma combined consolidated financial statements.

The Acquisition was accounted for as a business combination where Zix was the acquirer and the acquisition method of accounting was applied in accordance with Generally Accepted Accounting Principles in the United States (“U.S. GAAP”). Accordingly, the aggregate value of the consideration paid by us to complete the acquisition was allocated to the assets acquired and liabilities assumed from Successor based upon the estimated fair values on the Acquisition Date. Accordingly, the unaudited pro forma combined consolidated balance sheet combines the unaudited consolidated balance sheets of Zix and the Successor as of September 30, 2018 and gives effect to the Acquisition as if it had been completed on September 30, 2018. The unaudited pro forma combined consolidated statement of operations for the nine months ended September 30, 2018 combines the historical unaudited consolidated statements of operations of Zix and Successor for the same period and the unaudited pro forma combined consolidated statement operations combines the historical audited consolidated statements of operations for the fiscal year ended December 31, 2017 of Zix, the Predecessor, and the Successor for the same period, giving effect to the Acquisition as if it had been completed on January 1, 2017. Adjustments were included in the unaudited pro forma combined consolidated statement of operation and balance sheet to give effect to pro forma events that are (1) directly attributable to the Acquisition, (2) factually supportable, and (3) with respect to the statement of operations, expected to have a continuing impact on the combined results.

Prior to October 5, 2017, the consolidated financial statements that represented the AppRiver business includes the accounts of AppRiver, LLC and its subsidiaries, including AG and SLU (collectively, the “Predecessor”). On October 5, 2017, the former owners of the Predecessor effectively sold 100% of its membership interests in AppRiver, LLC to AppRiver Marlin Topco, L.P., which is wholly-owned by affiliates of Marlin Equity Partners (“Marlin”), a private equity firm based in the United States (the “AppRiver Acquisition”). Subsequent to the AppRiver Acquisition, Marlin owned the entities of the Predecessor through AR Topco, LLC. The AppRiver Acquisition was accounted for under the acquisition method of accounting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) 805, Business

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Combinations. Operations and financial reporting continue to be maintained at the AppRiver, LLC level. Push down accounting was applied in which the assets and liabilities of AR Topco, LLC and its subsidiaries were recorded at their respective fair values as of the date of the AppRiver Acquisition. AR Topco, LLC and its subsidiaries are referred to as the “Successor” herein.

The unaudited pro forma combined consolidated financial statements are derived from and should be read in conjunction with:

The Company has not completed the detailed valuations necessary to estimate the fair value of the assets acquired and the liabilities assumed and the related allocations of purchase price related to the Acquisition of the Successor, nor has the Company identified all adjustments necessary to conform the Successor’s accounting policies to the Company’s accounting policies. Additionally, a final determination of the fair value of assets acquired and liabilities assumed from the Successor will be based on the tangible and intangible assets and liabilities of Successor that existed as of the Acquisition Date. Accordingly, the pro forma purchase price adjustments presented herein are preliminary and may not reflect any final purchase price adjustments made. The Company estimated the fair value of Successor’s assets and liabilities based on discussions with Successor’s management, due diligence and preliminary work performed by third-party valuation specialists. As the final valuations are being performed, increases or decreases in the fair value of relevant balance sheet amounts will result in adjustments, which may result in material differences from the information presented herein.

The unaudited pro forma combined consolidated statements of operations do not include the benefits of any revenue, cost, or other operating synergies that may result from the Acquisition or any related restructuring costs of certain amounts resulting from the Acquisition that were determined to be of a non-recurring nature.

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See accompanying notes to the unaudited pro forma combined and consolidated financial statements

3

See accompanying notes to the unaudited pro forma combined and consolidated financial statements

4

See accompanying notes to the unaudited pro forma combined and consolidated financial statements

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Notes to Unaudited Pro Forma Combined Consolidated Financial Statements

NOTE 1 – BASIS OF PRO FORMA PRESENTATION

The unaudited pro forma combined consolidated statement of operations and balance sheet have been prepared for illustrative purposes only and to give effect to the Acquisition pursuant to the assumptions described in Notes 3 and 4 herein. The unaudited pro forma combined consolidated balance sheet as of September 30, 2018 give effect to the Acquisition as of it had occurred on September 30, 2018. The unaudited pro forma combined consolidated statements of operations for nine months ended September 30, 2018 and the year ended December 31, 2017 gives effect to the Acquisition as if it had occurred as of January 1, 2017.

The unaudited pro forma combined consolidated statement of operations and balance sheet are based on the historical consolidated financial statements of each of Zix, the Predecessor, and the Successor as applicable for the periods presented and have been prepared to reflect the Acquisition, including the financing arrangements utilized to fund the Acquisition. The unaudited pro forma combined consolidated financial statements do not necessarily reflect the results of operations or the financial position of Zix that actually would have resulted had the Acquisition occurred on the dates indicated nor project the results of operations or financial position of Zix for any future dates or periods.

The pro forma adjustments have been prepared to illustrate the estimated effect of the Acquisition and certain other adjustments. Any non-recurring items directly attributable to the Acquisition are not included in the unaudited pro forma combined consolidated statements of operations. In contrast, any non-recurring items that were already included in Zix’s, the Predecessor’s, or the Successor’s historical consolidated financial statements that are not directly related to the Acquisition have not been eliminated. The unaudited pro forma combined consolidated statements do not reflect the non-recurring cost of any integration activities or benefits from the Acquisition including potential synergies that may be generated in future periods.

The pro forma adjustments and allocations of the purchase price related to the Acquisition are based on preliminary estimates of the fair value of the consideration paid and the fair value of the assets acquired and liabilities to be assumed. Because the unaudited pro forma combined consolidated financial statements have been prepared based on these preliminary estimates, the final purchase price allocation and the resulting effect on financial position and results of operations may differ significantly from the pro forma amounts included herein. Zix expects to finalize its allocation of the purchase consideration as soon as practicable following the completion of the Acquisition.

NOTE 2 – ESTIMATED PRELIMINARY CONSIDERATION TRANSFERRED AND PRELIMINARY FAIR VALUE OF NET ASSETS ACQUIRED

The estimated purchase price and the allocation of the estimated purchase price discussed below are preliminary and subject to certain post-closing adjustments. A final determination of required adjustments will be made based upon final evaluation of the fair value of tangible and identifiable intangible assets acquired and liabilities assumed. At the Acquisition Date, the consideration transferred was $271.8 million, net of cash acquired of $4.6 million. The estimated cash consideration transferred consisted of $275.0 million initial consideration reduced by $1.7 million related to customary working capital adjustments and $1.5 million for outstanding indebtedness. In exchange, the Company acquired 100% of the equity of AR Topco, LLC. The following table summarizes the components of the consideration (in thousands):

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The following table summarizes the purchase price allocation to the assets acquired and liabilities assumed. The final allocation of the purchase price will be determined at a later date and is dependent on a number of factors, including the final evaluation of the fair value of tangible and identifiable intangible assets acquired and liabilities assumed. Final adjustments, including increases and decreases to depreciation and amortization resulting from the allocation of the purchase price to amortizable tangible and intangible assets, may be material. Adjustments to the fair value of tangible and intangible assets acquired and liabilities assumed will impact the value of goodwill recognized in the Acquisition, and the adjustment to goodwill may be material. For illustrative purposes, the preliminary allocation of the purchase price to the fair value of the Successor’s assets acquired and liabilities assumed was as follows (in thousands):

NOTE 3 – PRO FORMA ADJUSTMENTS, AS PRESENTED IN THE BALANCE SHEET AS OF SEPTEMBER 30, 2018 AND THE STATEMENT OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018 AND THE YEAR ENDED DECEMBER 31, 2017

The unaudited combined consolidated pro forma financial statements reflect the following adjustments to give effect to the Acquisition as described in the Current Report:

Adjustments to the unaudited pro forma combined consolidated balance sheet (in thousands) as of September 30, 2018:

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Adjustments to the unaudited combined and consolidated pro forma statement of operations for the nine months ended September 30, 2018 (in thousands):

8

Adjustments to the unaudited combined and consolidated pro forma statement of operations for the year ended December 31, 2017 (in thousands):

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Exhibit 99.3

Consolidated Financial Statements and

Independent Auditors’ Report

AppRiver, LLC and Subsidiaries

(a Wholly-Owned Subsidiary of AppRiver Holdings, LLC)

As of October 4, 2017 and for the

Period from January 1, 2017 to October 4, 2017

INDEPENDENT AUDITORS’ REPORT

Members and Board of Directors

AppRiver, LLC and Subsidiaries (a Wholly-Owned

Subsidiary of AppRiver Holdings, LLC)

Gulf Breeze, Florida

We have audited the accompanying consolidated financial statements of AppRiver, LLC and Subsidiaries (a wholly-owned subsidiary of AppRiver Holdings, LLC), which comprise the consolidated balance sheet as of October 4, 2017, and the related consolidated statements of comprehensive income, changes in member’s deficit and cash flows for the period from January 1, 2017 to October 4, 2017, and the related notes to the consolidated financial statements.

Management’s Responsibility for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of AppRiver, LLC and Subsidiaries as of October 4, 2017 and the results of their operations and their cash flows for the period from January 1, 2017 to October 4, 2017 in accordance with accounting principles generally accepted in the United States of America.

/s/ Baker Tilly Virchow Krause, LLP

Minneapolis, Minnesota

May 8, 2019

Consolidated Balance Sheet

As of October 4, 2017

(in thousands)

The accompanying notes are an integral part of these consolidated financial statements.

The accompanying notes are an integral part of these consolidated financial statements.

The accompanying notes are an integral part of these consolidated financial statements.

The accompanying notes are an integral part of these consolidated financial statements.

Property and Equipment

Property and equipment are recorded at cost and depreciated by the straight-line method over the estimated useful lives of the individual assets. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is recognized in income or expense for the period. The cost of maintenance and repairs is charged to expense as incurred; significant renewals and betterments are capitalized. Estimated useful lives are generally as follows:

Revenue Recognition

The Company’s revenues are derived primarily from providing software services under subscription agreements. The revenue is recognized as it is earned according to the terms of the applicable service agreement, which is generally one month to 12-month terms. For subscriptions extending past the fiscal year, revenues are deferred until earned in the subsequent period.

The Company recognizes revenues on a net basis for amounts from a vendor who provides the services for one of their products.

Deferred Revenue

Deferred revenue primarily consists of billings or payments received in advance of revenue recognition from the subscription services described above and is recognized as the revenue recognition criteria are met.

Cost of Revenues

Cost of revenues includes hosting costs, licensing fees, salaries and benefits for support personnel, merchant fees and depreciation and amortization related to property and equipment delivery services.

Advertising Costs

Advertising costs are charged to operations when incurred. Advertising expense was $1,467 for the period from January 1, 2017 to October 4, 2017.

Income Taxes

AppRiver has elected to be treated as an S Corporation (i.e. a pass-through entity) for U.S. federal and state income tax purposes. All income or losses of the Company pass directly to the individual member. Consequently, taxes based on income or loss of the U.S. S Corporation are primarily the responsibility of the individual member.

The Company also operates subsidiaries in Switzerland and Spain, which are subject to tax in their respective countries. For U.S. tax purposes, both entities are treated as controlled foreign corporations and their taxable income or loss does not pass through to the Company. The Company recorded $9 of current tax expense with respect to the foreign subsidiaries. There are no deferred tax assets or liabilities as of October 4, 2017.

The Company currently believes that no reserve is necessary for uncertain tax positions. However, no assurance can be given that the final tax outcome of these matters will not be different. To the extent that the final tax outcome is different than the amounts recorded, such differences will impact the provision for income taxes in the period in which such determination is made.

The Company is not currently under examination by any taxing jurisdiction. In the event of any future tax assessments, the Company has elected to record the income taxes and any related interest and penalties as income tax expense on the Company’s consolidated statement of comprehensive income.

Research and Development

Research and development costs are expensed as incurred.

Stock-based Compensation

The Company records stock-based compensation at fair value and expenses the fair value of member share options granted. The Company recognizes the effects of share-based compensation in salaries in the accompanying consolidated statement of comprehensive income on a straight-line basis over the vesting period. The fair value of member share options is estimated using the Black-Scholes option pricing model.

Foreign Currency Translation

For AG, whose functional currency is the local foreign currency (CHF), and for SLU, whose functional currency is the local currency (Euro), balance sheet accounts are translated at exchange rates in effect at the end of the year and income statement accounts are translated at average exchange rates for the year. Translation gains and losses are included as a separate component of member’s deficit. Foreign currency translation resulted in an aggregate exchange gain of approximately $32 for the period from January 1, 2017 to October 4, 2017.

Recent Accounting Pronouncements

During May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU No. 2014-09 establishes principles for recognizing revenue upon the transfer of promised goods or services to customers, in an amount that reflects the expected consideration received in exchange for those goods or services. During 2015 and 2016, the FASB also issued ASU No. 2015-14, which defers the effective date of ASU No. 2014-09; ASU No. 2016-08, “Principal versus Agent Considerations (Reporting Revenue Gross versus Net)”, which clarifies the implementation guidance on principal versus agent considerations in Topic 606; ASU No. 2016-10, “Identifying Performance Obligations and Licensing”, which clarifies the identification of performance obligations and the licensing implementation guidance; ASU No. 2016-12, “Narrow-Scope Improvements and Practical Expedients” and ASU No. 2016-20, “Technical Corrections and Improvements to Topic 606”, which both affect narrow aspects of Topic 606. Topic 606 (as amended) is effective for fiscal years beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019. The amendments may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of initial application. The Company is currently assessing the effect that Topic 606 (as amended) will have on its results of consolidated operations, financial position and cash flows.

During February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” ASU No. 2016-02 requires lessees to recognize the assets and liabilities that arise from leases on the balance sheet. A lessee should recognize in the statement of financial position a liability to make lease payments (the

lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. During 2018, the FASB also issued ASU No. 2018-01, “Land Easement Practical Expedient”, which permits an entity to elect an optional transition practical expedient to not evaluate land easements that existed or expired before the entity’s adoption of Topic 842 and that were not previously accounted for under ASC 840; ASU 2018-10, “Codification Improvements to Topic 842, Leases”, which addresses narrow aspects of the guidance originally issued in ASU No. 2016-02; ASU 2018-11, “Targeted Improvements”, which provides entities with an additional (and optional) transition method whereby an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption and also provides lessors with a practical expedient, by class of underlying asset, to not separate nonlease components from the associated lease component and, instead, to account for those components as a single component; and ASU No. 2018-20, “Narrow-Scope Improvements for Lessors”, which addresses sales and other similar taxes collected from lessees, certain lessor costs, and the recognition of variable payments for contracts with lease and nonlease components. Topic 842 (as amended) is effective for annual periods beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted. The Company is currently assessing the effect that Topic 842 (as amended) will have on its consolidated results of operations, financial position and cash flows.

Depreciation and amortization expense was $606 for the period from January 1, 2017 to October 4, 2017, of which $240 is included in cost of revenues.

The Company holds a fifty percent interest in ARM Research Labs, Inc. (ARM). ARM is a privately funded research and development group created to develop solutions through advanced technologies. The investment in ARM is recorded using the equity method of accounting, which requires the Company to record its pro rata share of ARM’s profits and losses by adjusting the carrying value of its investment in ARM. The following information summarizes the balances and activity of ARM as of October 4, 2017 and for the period from January 1, 2017 to October 4, 2017:

The Company’s investment in ARM is included in other assets on the consolidated balance sheet. The Company’s share of net income is included in other (income)/expense on the consolidated statement of comprehensive income.

Long-term debt consist of the following as of October 4, 2017:

The credit agreements contain various provisions, including compliance with certain financial covenants.

In connection with the sale of the Company (Note 12), the outstanding balances of the long-term debt were paid in full on October 5, 2017.

The Company has a revolving line of credit in the amount of $1,000 with a financial institution. The line bears interest at the Wall Street Journal Prime Rate plus 1.00% (4.25% as of October 4, 2017), is secured by security interest in all assets of the Company, and was scheduled to mature December 29, 2018. The line of credit had $0 balance as of October 4, 2017 and as of October 5, 2017 the agreement with the financial institution was terminated in connection with the sale of the Company (Note 12).

The Company has authorized, issued and has outstanding 100 Class A Units and 9,900,000 Class B Units as of October 4, 2017. All Class A Units have voting rights and each unit is entitled to one vote. Class B Units have no voting rights.

In September 2011, the Company adopted the AppRiver, LLC 2011 Option Plan (the Plan). In accordance with the terms of the Plan, selected persons may be granted options to purchase up to 2,000,000 units of the AppRiver Holdings, LLC’s non-voting member units at $6.00 per share.

The Company accounts for stock-based compensation according to the provisions of ASC 718 which establishes the provision for accounting for stock-based awards exchanged for employee services. Accordingly, stock-based compensation cost is measured at the grant date on the fair market value of the award and is recognized as expense on a straight-line basis over the employee’s requisite service period.

A summary of the status of the Company’s outstanding options as of October 4, 2017 and for the period from January 1, 2017 to October 4, 2017 is presented below:

During the period from January 1, 2017 to October 4, 2017, 100,000 shares were exercised at an exercise price of $6.00 per share under the Plan. As of October 4, 2017, the Company had an unsecured receivable of $600 for amounts to be received from the option holder relating to this exercise, which is included in member’s receivable on the consolidated balance sheet. The $600 receivable was paid with proceeds from the sale of the Company (Note 12).

AppRiver sponsors a 401(k) retirement plan (the Plan) covering substantially all employees working more than thirty hours per week who have completed six months of service, at January 1 or July 1 semi-annual entry dates, with AppRiver. Participants may contribute any portion of their annual compensation up to the maximum amount established by the Internal Revenue Service for each calendar year. The terms of the Plan provide that AppRiver matches 100% of the first 3% of participants’ contributions and 50% of the next 2% of participants’ contributions. AppRiver’s matching contributions to the Plan amounted to $512 for the period from January 1, 2017 to October 4, 2017. AppRiver may also make discretionary profit sharing contributions. As of October 4, 2017, the Company accrued approximately $114 in discretionary profit sharing contributions, which were contributed to the plan in 2018.

Related Party Lease

The Company has entered into a long-term lease for office space from a management company that is partially owned by two of the members of AppRiver Holdings, LLC. Each of the two members owns approximately 40% of the management company as of October 4, 2017. For the period from January 1, 2017 to October 4, 2017, the Company’s rent expense for the office space was $662.

Member’s Receivable

In April 2017, the Company advanced $3,500 to a member of the Company, which is included in member’s receivable in the accompanying consolidated balance sheet. Under the loan agreement, interest accrued at 2% per annum and the total principal and interest balance was due five years from the date of the agreement. Subsequently, the Company advanced an additional $500 to the same member of the Company. All amounts advanced are unsecured and any interest income is immaterial. As of October 4, 2017, the total balance of outstanding member receivables was $4,000. In connection with the sale of the Company (Note 12), the outstanding receivable was paid in full on October 5, 2017.

The Company also had a $600 receivable from another member of the Company relating to the exercise of options (Note 8).

Rent expense totaled $805 for the period from January 1, 2017 to October 4, 2017.

The calculation of straight-line rent expense is based on the same lease term with consideration for step rent provisions, escalation clauses, rent holidays and other lease concessions. The Company begins rent upon completion of the Company’s due diligence or when the Company has the right to use the property, whichever comes earlier.

Sales Tax Payable/Receivable

The Company has determined that a sales tax nexus exists in multiple states. The Company entered into Voluntary Disclosure agreements with those states and recorded a liability for estimated sales taxes. The Company has also recorded a receivable for the amounts due from its customers to whom it concluded sales without withholding any required sales tax and believes it is probable the receivable amount will be collected. The liability of $1,825 for estimated sales taxes due as of October 4, 2017 is included in accrued expenses in the consolidated balance sheet. Receivables deemed collectible from customers of $890 are included in accounts receivable, net in the consolidated balance sheet as of October 4, 2017.

On October 5, 2017, AppRiver Holdings, LLC sold its membership interests which included AppRiver, LLC for $130,000, subject to a working capital adjustment and less the costs of the transaction. The Company incurred $4,613 in transaction expenses, which are included in selling, general and administrative expenses in the consolidated statement of comprehensive income. The purchase price was subject to a closing adjustment to account for working capital related to this transaction. The purchase price resulted in assets being fully recognized. A working capital adjustment escrow in the amount of $100 was established to account for the aforementioned closing adjustments. A general escrow in the amount of $650 was established to cover any liabilities of AppRiver, LLC prior to October 5, 2017. This additional escrow amount is to be distributed, net of any claims, 12 months from the closing date. In addition, a sales tax escrow was established in the amount of $1,500 to cover amounts due resulting from the open sales tax voluntary disclosure agreements (Note 11) to be released upon resolution of the voluntary disclosure agreement process, but no later than 18 months after the date of closing. The proceeds from the sale were allocated among the members of AppRiver Holdings, LLC in proportion to their outstanding units.

A portion of the transaction was funded by the Company through the rollover of $13,000 of existing equity from the AppRiver Holdings, LLC members.

The Company discloses material events that occur after the balance sheet date but before consolidated financial statements are issued. In general, these events are recognized if the condition existed at the date of the consolidated balance sheet, but not recognized if the condition did not exist at the balance sheet date. Management has evaluated events occurring subsequent to October 4, 2017 through REPORT DATE, the date the consolidated financial statements were available to be issued.

Exhibit 99.4

Consolidated Financial Statements and

Independent Auditors’ Report

AR Topco, LLC and Subsidiaries

As of December 31, 2017 and for the Period from

October 5, 2017 to December 31, 2017

AR Topco, LLC and Subsidiaries

Table of contents

INDEPENDENT AUDITORS’ REPORT

Board of Directors

AR Topco, LLC and Subsidiaries

Gulf Breeze, FL

We have audited the accompanying consolidated financial statements of AR Topco, LLC and Subsidiaries, which comprise the consolidated balance sheet as of December 31, 2017, and the related consolidated statements of comprehensive loss, changes in members’ equity and cash flows for the period from October 5, 2017 to December 31, 2017, and the related notes to the consolidated financial statements.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of AR Topco, LLC and Subsidiaries as of December 31, 2018 and the results of their operations and their cash flows for the period from October 5, 2017 to December 31, 2017 in accordance with accounting principles generally accepted in the United States of America.

Emphasis of Matter

As discussed in Note 2 to the consolidated financial statements, the Company has recorded a change in accounting principle as the Company is now considered to be a public business entity based on Accounting Standard Update No. 2013-12. Our opinion is not modified with respect to this matter.

/s/ Baker Tilly Virchow Krause, LLP            

Minneapolis, Minnesota

May 8, 2019

Consolidated Balance Sheet

As of December 31, 2017

(in thousands)

The accompanying notes are an integral part of these consolidated financial statements.

The accompanying notes are an integral part of these consolidated financial statements.

The accompanying notes are an integral part of these consolidated financial statements.