Thoma Bravo signs $2.4 billion deal for Ping Identity

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Private equity firm Thomas Bravo acquires an identity security platform Ping identity for around $2.4 billion, expanding further into the cybersecurity space following purchases of Sophos, Proofpoint and Sailpoint Technologies.

The deal values ​​Ping Identity shares at $28.50, a 63% premium to the Aug. 2 closing price, according to the Wednesday, Aug. 3 announcement.

“This compelling transaction is a testament to Ping Identity’s leading enterprise identity solutions, our talented team, and our exceptional customers and partners,” said Ping Identity CEO. Andre Durand.

“Identity security and frictionless user experiences have become essential in the digital economy and Ping Identity is better positioned than ever to capitalize on the growing demand from modern enterprises for robust security solutions,” said Durand.

Thoma Bravo acquired FinTech Bottomline Technologies in May for $2.6 billion, and in April the company took over cybersecurity firm SailPoint Technologies for $6.9 billion. Thoma Bravo was the majority shareholder of SailPoint before its IPO in 2017 and sold his stake in 2018.

See also: Investment Firm Thoma Bravo Acquires FinTech Bottomline Technologies

Ping Identity’s authentication and security services are used by large companies such as Chevron Corp and HP, according to Reuters, and the purchase is expected to complement existing acquisitions of Thoma Bravo.

“We could anticipate that they will all be assembled into an all-in-one identity platform at some point,” DA Davidson analyst Rudy Kessinger told Reuters. He added that the deal was “one of the least surprising acquisitions” he had ever seen.

Read more: Cybersecurity companies challenge “professional fraudsters” with user-friendly protections

Based in Denver, Colorado, Ping Identity was founded in 2002 by Durand and provides cloud-based identity security solutions serving over 50% of Fortune 100 companies, 25% of Fortune 500 and over 1,500 companies worldwide. the world.

Thoma Bravo was founded in 2008 and is based in Chicago, Illinois, with offices in San Francisco, California, and Miami, Florida.

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