Thoma Bravo has agreed to acquire Denver-based digital security specialist Ping Identity for $2.8 billion, as the software investment firm continues its cyber security drive.
The move is the latest in a string of related acquisitions for Thoma Bravo, having previously snapped up Sophos, Proofpoint, and Sailpoint Technologies.
In an announcement, Ping CEO Andre Durand said the deal, which is expected to close in Q4 2022, is a testament to the company’s enterprise identity solutions, its team, as well as its partners.
"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,” he said.
“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."
Based in Denver, Colorado, Ping Identity specialises in cloud-based enterprise authentication, single sign-on (SSO), and access management. The firm was previously bought by Vista Equity Partners back in 2016 before being taken public in 2019 at an initial valuation of $1.16 billion.
Now, Vista, which owns around 10% of Ping’s outstanding shares, has agreed to vote in favour of the pending acquisition.
As a result, Ping now joins a number of other prominent cyber security names on Thoma Bravo’s books, including Sailpoint Technologies, Proofpoint, Sophos, as well as MSP software providers Connectwise and N-able.
"A tectonic shift is occurring in intelligent identity solutions for the enterprise," explained Seth Boro, a Managing Partner at Thoma Bravo. "Ping Identity's unique capabilities and strong position in enterprise identity security make it a great platform to deliver customer outcomes, expand into new use cases and support digital transformations.”
Chip Virnig, Partner at Thoma Bravo, added that Ping was well-positioned to capitalise on the “significant opportunities” in the $50 billion Enterprise Identity solutions segment.
"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," he said.
