Enterprise identity and access management firm Ping Identity (NYSE: PING) announced Wednesday that it has agreed to be acquired by private equity (PE) firm Thoma Bravo for roughly $2.8 billion in cash.
Under the terms of the agreement, Thoma Bravo will pay $28.50 per share, a premium of approximately 63% over Ping Identity’s closing share price on August 2, 2022.
Founded in 2002, Ping Identity was acquired by Vista Equity Partners in 2016, reportedly for $600 million, and went public September 2019.
Thoma Bravo’s move to acquire Ping comes just months after the PE firm agreed to acquire identity and access management powerhouse SailPoint. In April 2022, Thoma agreed to take SailPoint private in a deal valued at $6.9 billion.
A Ping Identity spokesperson told SecurityWeek there are no plans for integrations between Ping and SailPoint at this time.
“Thoma envisions Ping Identity as an independent private company within its broader investment portfolio,” the spokesperson said.
“Ping Identity is a leader in intelligent identity solutions for the enterprise and is well-positioned to capitalize on the significant opportunities in the $50 billion Enterprise Identity security solutions area,” said Chip Virnig, a Partner at Thoma Bravo. “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.”
Vista Equity Partners, which owns approximately 9.7% of Ping Identity’s outstanding shares, has agreed to vote its shares in favor of the transaction.