Shareholders of the New York Stock Exchange-listed Ping Identity will be offered $28.5 per share in cash by Thoma Bravo as per the terms of the deal, which has been unanimously approved by the former’s board of directors
Ping Identity, a US-based identity solutions provider, is set to go private through a deal worth nearly $2.8bn with software investment firm Thoma Bravo.
Currently, Ping Identity is listed on the New York Stock Exchange (NYSE). Its shareholders will be offered $28.5 per share in cash by Thoma Bravo, as per the terms of the deal.
Founded in 2002, the identity solutions provider is based in Denver, Colorado. It has multiple locations in the US, Canada, Israel, the UK, India, and others.
Ping Identity’s products include PingID, PingOne, PingFederate, PingDirectory, PingAccess, PingIntelligence, and PingDataGovernance among others.
The company went public in 2019 through the initial public offering (IPO) route.
Thoma Bravo partner Chip Virnig said: “Ping Identity is a leader in intelligent identity solutions for the enterprise and is well-positioned to capitalise on the significant opportunities in the $50 billion Enterprise Identity security solutions area.
“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.”
Ping Identity’s board of directors has approved the deal unanimously. Besides, the transaction is supported by Vista Equity Partners, the former majority stakeholder in the company, which currently owns a stake of 9.7%.
Ping Identity CEO Andre Durand said: “Identity security and frictionless user experiences have become essential in the digital-first economy and Ping Identity is better positioned than ever to capitalise 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.”
The transaction, which is subject to approval by the shareholders of Ping Identity, regulatory approvals, and other conditions, is expected to close in Q4 2022.
Earlier this year, Thoma Bravo signed a deal worth around $6.9bn to acquire SailPoint Technologies, another US-based enterprise identity security provider.