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Thoma Bravo to Purchase Ping Identification for $2.eight Billion

By SecurityWeek Information on August 03, 2022

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Enterprise id and entry administration agency Ping Identification (NYSE: PING) introduced Wednesday that it has agreed to be acquired by non-public fairness (PE) agency Thoma Bravo for roughly $2.eight billion in money.

Beneath the phrases of the settlement, Thoma Bravo can pay $28.50 per share, a premium of roughly 63% over Ping Identification’s closing share worth on August 2, 2022.

Based in 2002, Ping Identification was acquired by Vista Fairness Companions in 2016, reportedly for $600 million, and went public September 2019.

Thoma Bravo’s transfer to amass Ping comes simply months after the PE agency agreed to amass id and entry administration powerhouse SailPoint. In April 2022, Thoma agreed to take SailPoint non-public in a deal valued at $6.9 billion.

A Ping Identification spokesperson advised SecurityWeek there are not any plans for integrations between Ping and SailPoint right now. 

“Thoma envisions Ping Identification as an impartial non-public firm inside its broader funding portfolio,” the spokesperson mentioned.

“Ping Identification is a frontrunner in clever id options for the enterprise and is well-positioned to capitalize on the numerous alternatives within the $50 billion Enterprise Identification safety options space,” mentioned Chip Virnig, a Accomplice at Thoma Bravo. “Our shared dedication to progress and innovation, mixed with Thoma Bravo’s vital safety software program investing and operational experience, will allow Ping Identification to speed up its cloud transformation and supply of trade main id safety experiences for the purchasers, workers and companions of enormous enterprises worldwide.”

Vista Fairness Companions, which owns roughly 9.7% of Ping Identification’s excellent shares, has agreed to vote its shares in favor of the transaction.

Associated: Thoma Bravo Buys Proofpoint for $12.Three Billion

Related: Thoma Bravo Spends $3.9 Billion to Purchase Sophos

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