Thoma Bravo buys Ping Identity for $2.8 billion in an all-cash buyout deal | Tech News | Startups News

Startup News:

Private equity giant Thoma Bravo continues with its acquisition spree. Ping Identity announced today that Thoma Bravo is buying the Enterprise identity management company and would take it private, in an all-cash buyout deal valued at $2.4 billion.

As part of the deal, Thoma Bravo will pay $28.50 per share in an all-cash transaction, which is 63% over Ping Identity’s closing share price on August 2, 2022, the company said.

The announcement comes just four months after Thoma Bravo acquired another cybersecurity company SailPoint for $6.9 billion. In March, Thoma Bravo also paid $10.7 billion to acquire Anaplan, an SAP rival, and enterprise software firm started in an English barn

Ping Identity is the latest in a series of cybersecurity firms acquired through buyout as the pandemic drove up demand for the sector.


In a statement, Ping Identity CEO Andre Durand said: “This compelling transaction is a testament to Ping Identity’s leading enterprise identity solutions, our talented team, and our outstanding customers and partners.”

Durand also added, “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.”

RELATED:  Binance launches venture capital fund with $500M in initial funding to invest in Web3 and blockchain tech startups | Tech News | Startups News

We covered Ping Identity four years ago when the authentication software firm acquired API cybersecurity provider startup Elastic Beam.

Founded in 2002, Ping Identity is a Denver-based software developer that protects critical assets for various enterprises, while offering secure access to any application from any device. The company offers identity management, multi-factor authentication, and single sign-on tools for its clients. Its solutions are recommended for financial services, the public sector, and healthcare markets. Ping Identity, which was founded in 2002, partners with SaaS vendors, technology companies, system integrators, and value-added resellers.

Tech News Today Latest Technology Headlines & Trends Link Below

News Post || Technology News || News Headlines || World News || US Headlines || Health || Education News


Show More

Related Articles

Back to top button