Thoma Bravo Closes $2.4 Billion Deal for Ping Identity

private equity company Thomas Bravo Acquire the identity security platform Bing identity for approximately $2.4 billion, and expanding further into the cybersecurity sector following the acquisition of Sophos, Proofpoint, and Sailpoint Technologies.

The transaction values ​​Ping Identity shares at $28.50, a 63% premium over the August 2 closing price, according to an announcement Wednesday (August 3).

The CEO of Ping Identity said Andre Durand.

“Identity security and frictionless user experiences are becoming imperative in the digital economy first, and Ping Identity is better positioned than ever to take advantage of the growing demand from modern organizations for robust security solutions,” Durand said.

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Thoma Bravo acquired FinTech Bottomline Technologies in May for $2.6 billion, and in April, the company selected cybersecurity firm SailPoint Technologies for $6.9 billion. Thoma Bravo was the majority shareholder of SailPoint before its initial public offering in 2017, and sold its stake in 2018.

See also: Investment firm Thoma Bravo acquires FinTech Bottomline Technologies

Ping Identity’s authentication and security services are used by major companies such as Chevron Corp and HP, according to Reuters, and the purchase is expected to complement existing acquisitions of Thoma Bravo.

“We can expect them all to be bundled together as an end-to-end identity platform at some point,” DA Davidson analyst Rudi Kissinger told Reuters. he is He added that the deal was “one of the least surprising” acquisitions he had ever seen.

Read more: Cybersecurity firms challenge ‘professional fraudsters’ with customer-friendly protection

Headquartered in Denver, Colorado, Ping Identity was founded in 2002 by Durand and provides cloud identity security solutions serving more than 50% of the Fortune 100, 25% of the Fortune 500 and more than 1,500 organizations worldwide.

Thoma Bravo was founded in 2008 and is headquartered in Chicago, Illinois, with offices in San Francisco, California, and Miami, Florida.

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