Identity Week Asia Gold Sponsor, Ping Identity, is to be acquired by Thoma Bravo in an all-cash $2.8 Billion deal, representing $28.50 per share.
Thoma Bravo is a private equity investment firm providing capital and strategic consulting. The deal is a testament to Ping identity’s leading enterprise identity solutions, says Andre Durand, Ping Identity’s Chief Executive Officer and will see the business go private.
“Identity security and frictionless user experiences have become essential in the digital-first economy and Ping Identity is better positioned than ever to capitalize on the growing demand from modern enterprises for robust security solutions. We are pleased to partner with Thoma Bravo, which has a strong track record of investing in high-growth cloud software security businesses and supporting companies with initiatives to turbocharge innovation and open new markets.”
Ping Identity provide enterprises with the secure tools to operate as digital transformation accelerates and businesses must adapt. The software is capable of storing and managing data in connection with 3 billion identities; users everywhere can expect more seamless customer journeys when using a commercial or public sector service.
Daon was announced to have joined forces with Ping Identity, integrating with its PingOne DaVinci solution, a cloud, no-code identity orchestration service.
The offer of 28.50 per share in compensation surpasses Ping Identity’s closing share price on August 2, 2022 by 63% on its final day of trading and provides a premium of 52% over the average cost of Ping Identity’s stock for the 60 days ending on August 2.
Seth Boro, Managing Partner at Thoma Bravo praised a “tectonic shift in intelligent identity solutions for the enterprise” after the announcement that Ping identity would be bought by Thoma Bravo. The transaction is expected to close in the fourth quarter of 2022 after regulatory processes have been followed to approve the deal with stakeholders of Ping Identity.
Headquartered in Denver, Colorado, the company will have private held status and will no longer be listed on the New York Stock Exchange.
Thoma Bravo continued: “Our shared commitment to growth and innovation, combined with Thoma Bravo’s significant security software investing and operational expertise, will enable Ping Identity to accelerate its cloud transformation and delivery of industry leading identity security experiences for the customers, employees and partners of large enterprises worldwide.”
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