Private equity giant Thoma Bravo continues its acquisition spree. Ping Identity announced today that Thoma Bravo is buying the Enterprise identity management company and will take it private, in an all-cash buyout deal valued at $2.4 billion.
As part of the deal, Thoma Bravo will pay $28.50 per share in an all-cash transaction, which is 63% over Ping Identity's closing share price on August 2, 2022, the company said. Vista Equity Partners, which owns a 9.7% stake in Ping Identity's outstanding shares, has agreed to vote in favor of the transaction.
It came just four months after Thoma Bravo acquired another cybersecurity company, SailPoint, for $6.9 billion. In March, Thoma Bravo also paid $10.7 billion to acquire Anaplan, an SAP rival, and enterprise software firm in an English barn.
Ping Identity is one of several cybersecurity firms that have been acquired through a buyout as the pandemic drove up demand for the sector.
Ping Identity CEO Andre Durand said in a statement: "This compelling transaction is a testament to Ping Identity's leading enterprise identity solutions, our talented team, and our outstanding customers and partners. Identity security and frictionless user experiences have become an essential part of the digital-first economy and Ping Identity is better positioned than ever to capitalize on the growing demand from modern enterprises for robust security solutions. We are happy to partner with Thoma Bravo, which has a strong track record of investing in high-growth cloud software security businesses and supporting companies with initiatives to speed up innovation and open new markets. Four years ago, we covered Ping Identity when the authentication software firm acquired the provider of API cybersecurity services, Elastic Beam.
Ping Identity was founded in 2002, and is a Denver-based software developer that protects critical assets for various businesses, while providing secure access to any application from any device. The company offers identity management, multi-factor authentication, and single sign-on tools for its clients. Its solutions are recommended for financial services, the public sector, and healthcare markets. Ping Identity, which was founded in 2002, partners with SaaS vendors, technology companies, system integrators, and value-added resellers.
Thoma Bravo, founded in 2008, is one of the largest private equity firms in the world, with more than $114 billion under management as of March 31, 2022. The firm invests in growth-oriented, innovative companies in the software and technology sectors.