Thoma Bravo has agreed to acquire Denver-based digital security specialist Ping Identification for $2.8 billion, as the application investment decision firm continues its cyber security generate.
The shift is the hottest in a string of linked acquisitions for Thoma Bravo, having beforehand snapped up Sophos, Proofpoint, and Sailpoint Technologies.
In an announcement, Ping CEO Andre Durand mentioned the offer, which is anticipated to close in Q4 2022, is a testament to the company’s business identification solutions, its crew, as well as its associates.
“Identification security and frictionless person experiences have come to be important in the electronic-initial economic climate and Ping Id is far better positioned than at any time to capitalise on the developing desire from present day enterprises for sturdy security answers,” he stated.
“We are pleased to associate with Thoma Bravo, which has a powerful keep track of file of investing in higher-advancement cloud application security businesses and supporting companies with initiatives to turbocharge innovation and open new marketplaces.”
Based mostly in Denver, Colorado, Ping Identity specialises in cloud-primarily based company authentication, single signal-on (SSO), and entry administration. The company was previously purchased by Vista Fairness Partners back again in 2016 prior to remaining taken general public in 2019 at an first valuation of $1.16 billion.
Now, Vista, which owns all around 10% of Ping’s superb shares, has agreed to vote in favour of the pending acquisition.
As a outcome, Ping now joins a selection of other distinguished cyber security names on Thoma Bravo’s textbooks, which include Sailpoint Technologies, Proofpoint, Sophos, as nicely as MSP software suppliers Connectwise and N-in a position.
“A tectonic change is occurring in clever identity remedies for the business,” stated Seth Boro, a Controlling Partner at Thoma Bravo. “Ping Identity’s special capabilities and strong placement in business identification security make it a great system to provide shopper results, expand into new use circumstances and guidance digital transformations.”
Chip Virnig, Companion at Thoma Bravo, additional that Ping was very well-positioned to capitalise on the “significant opportunities” in the $50 billion Business Id alternatives section.
“Our shared commitment to expansion and innovation, blended with Thoma Bravo’s substantial security application investing and operational knowledge, will allow Ping Id to speed up its cloud transformation and shipping and delivery of marketplace-main id security experiences for the customers, workers and partners of huge enterprises globally,” he reported.
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