As per the terms of the deal shareholders of the San Francisco-based publicly-listed identity management company will be paid $23.25 per share by Thoma Bravo and following the closing of the deal, ForgeRock will no longer have its common stock publicly listed
Identity security solutions provider ForgeRock to be acquired by Thoma Bravo. (Credit: Gerd Altmann from Pixabay)
Software investment firm Thoma Bravo has signed a definitive agreement with US-based digital identity solutions provider ForgeRock to acquire the latter in an all-cash deal worth around $2.3bn.
As per the terms of the agreement, shareholders of the San Francisco-based publicly-listed firm will be paid $23.25 per share by Thoma Bravo.
Following the closing of the deal, ForgeRock will become a privately held company.
ForgeRock CEO Fran Rosch said: “We are pleased to partner with Thoma Bravo to build on the strength of our comprehensive platform.
“The transaction offers a unique opportunity to create value for all of our stakeholders and is a clear validation of our team’s outstanding work and the start of an exciting new chapter for ForgeRock, our customers, and our partner ecosystem.
“We are confident that Thoma Bravo’s resources and insights will help us continue to drive innovation in our platform and deliver even more value for customers.”
ForgeRock’s identity platform offers identity solutions at scale for employees, customers, and connected devices.
The company claims to have over 1,300 organisations relying on its platform to manage and secure identities with access controls, identity orchestration, governance, and APIs in all types of cloud or hybrid environments.
Thoma Bravo partner Chip Virnig said: “Identity-centric cybersecurity solutions are a critical enabler for businesses to digitally transform their operations, and ForgeRock’s solutions combine both the advanced security and customer usability needed in the market.
“We look forward to partnering with ForgeRock to leverage our deep sector expertise and support the company to capitalize on this tremendous market opportunity.”
The deal, which is subject to approval by ForgeRock’s shareholders, regulatory approvals, and other customary conditions, is expected to close in the first half of 2023.
ForgeRock’s board of directors has unanimously approved the acquisition by Thoma Bravo.
Recently, Thoma Bravo acquired another US-based enterprise identity security provider SailPoint Technologies, in an all-cash transaction worth $6.9bn.