Computer software financial commitment company Thoma Bravo has introduced plans to obtain electronic identity management firm SailPoint for $6.9 billion (£5.3 billion).
The all-cash transaction, which is subject matter to approval from SailPoint stockholders, will see SailPoint turn out to be a privately held corporation. This will outcome in the company being taken off the public marketplace fewer than five decades after it raised $240 million with its New York Inventory Exchange IPO debut.
Having said that, Thoma Bravo stated that the identity management and cloud security provider will advantage from new running abilities, money guidance, and deep computer software expertise.
SailPoint CEO Mark McClain, who established the business in 2005, stated that the acquisition “delivers substantial fast income value to our stockholders and maximises the price of [SailPoint] shares”.
All SailPoint stockholders are anticipated to obtain $65.25 (£50) for each share in hard cash, representing a high quality of 48% to SailPoint’s 90-working day volume-weighted regular price tag (VWAP).
“The transaction will also make it possible for us to pursue our lengthy-expression growth trajectory with better adaptability and usefulness to support our consumers, extend our markets, and accelerate innovation in identification security with the backing of a strong financial spouse with deep sector know-how,” claimed McClain, adding that SailPoint had “experienced quick expansion and see[s] a remarkable possibility ahead of [it] to continue to established the pace in the identity security sector as the class leader”.
Commenting on the information, Thoma Bravo handling associate Seth Boro described SailPoint as “ideally positioned to capitalise on the substantial and growing need from fashionable enterprises for strong identity security methods that protected their organization and minimize risk”,
“Their marketplace-primary identification security system delivers the autonomous and intelligent method that the current market involves right now, especially among bigger enterprises and as hybrid working becomes more prevalent. We glance forward to partnering with Mark and his proficient team to generate SailPoint’s following chapter of advancement,” he added.
Headquartered in Austin, Texas, SailPoint employs an estimated 1,676 people today throughout offices in the US, Australia, and Europe, like London and Amsterdam. The acquisition is envisioned to be finalised in the 2nd half of 2022, with SailPoint retaining its Austin HQ. SailPoint board customers and advisors will be authorized to actively initiate, solicit, and consider option acquisition proposals from 3rd functions till 16 May well 2022.
The information arrives nearly a single year just after Thoma Bravo announced plans to get cyber security and compliance corporation Proofpoint for $12.3 billion (£8.8 billion). The offer was finalised on 31 August 2021.
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