Ping Identity, a provider of an intelligent identity solution for the enterprise, has entered into a definitive agreement to be acquired by Thoma Bravo.
The deal will be valued at an enterprise value of approximately $2.8bn in what will be an all-cash transaction.
The transaction was unanimously approved by the Ping Identity board and is expected to close in the fourth quarter of the year, subject to customary closing conditions.
Thoma Bravo managing partner Seth Boro said, “A tectonic shift is occurring in intelligent identity solutions for the enterprise. Ping Identity’s unique capabilities and strong position in enterprise identity security make it a great platform to deliver customer outcomes, expand into new use cases and support digital transformations. We are highly impressed with the talented Ping Identity team and look forward to working collaboratively in the years to come.”
Ping CEO Andre Durand added, “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 essential in 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 pleased 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 turbocharge innovation and open new markets.”
Earlier this year, Thoma Bravo agreed to purchase identity and access management company Sailpoint in an all-cash deal worth $6.9bn.
Copyright © 2022 FinTech Global
