Thoma Bravo buys Ping Identity for $2.8 billion in cash deal

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After a difficult few months in the market for Ping Identity, the corporate identity management company today announced a major step: private equity firm Thoma Bravo makes the company private to $2.8 billion.

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The news was announced at the same time that Ping posted his Second quarter income. The company reported revenue of $72 million for the quarter. analyst expectations.

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Ping is traded on the NYSE (it became public before the pandemic) and Tom Bravo will pay $28.50 per share in an all-cash deal, up 63% above Ping Identity’s closing price of August 2, 2022the company said in a statement.

“This compelling deal is a testament to Ping Identity’s leading enterprise identity solutions, our talented team, and our distinguished clients and partners,” he said. André Duran, CEO of Ping Identity, in a statement. “Identity security and a seamless user experience have become essential in the digital economy, and Ping Identity is better than ever to capitalize on the growing demand from today’s enterprises for robust security solutions. We are excited to partner with Thoma Bravo, who has a strong track record of investing in high-growth cloud software security businesses and supporting companies with initiatives to accelerate innovation and open up new markets.”

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Thoma Bravo was one of a group of private equity firms aggressively buying up tech companies that are struggling in the public markets, or having trouble scaling and raising money or going public given how narrow the IPO market is. right now. Other major corporate IT deals she was involved in included the purchase of SailPoint for $6.9B as well as Anaplan for $10.7 billion.

Identity management remains a hot topic in the corporate IT world, given the growing number of cyberattacks and breaches launched by hackers who maliciously infiltrate networks through credential stuffing and other tactics that exploit weaknesses in login procedures.

“There is a tectonic shift in smart identity solutions for enterprises,” said Seth Boro, managing partner of Thoma Bravo, said in a statement. “Ping Identity’s unique capabilities and strong position in corporate identity security make it an excellent platform to drive customer results, expand to new use cases, and support digital transformation. We are very impressed with the talented Ping Identity team and look forward to working together in the coming years.”

Ping’s board unanimously approved the deal, both firms said. The deal, which is awaiting regulatory and other approvals, is expected to close in the fourth quarter.

Not all.


Credit: techcrunch.com /

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