Ping Identity, a Denver-based provider of identity management solutions for large companies, announced it will go private following a $2.8 billion acquisition by software investment firm Thoma Bravo.
Ping Identity went public in 2019 on the Nasdaq under the ticker symbol “PING.”
The acquisition deal will require Thoma Bravo to pay $28.50 for each share of Ping Identity’s stock, which is 63 percent higher than the closing share price on Aug. 2. The deal is expected to close in Q4. Ping Identity will remain headquartered in Denver.
Ping Identity CEO Andre Durand said in a statement that he is pleased to partner with Thoma Bravo, which he said “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.”
“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,” Durand said.
Chip Virnig, a partner at Thoma Bravo, said in a statement that he believes Ping Identity is well-positioned for success in the $50 billion market for enterprise identity security solutions.
“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,” Virnig said.
This is not Thoma Bravo’s first Colorado acquisition. The company acquired Boulder-based LogRhythm in 2018.
Toma Bravo also acquired Austin-based cybersecurity firm SailPoint earlier this year for $6.9 billion. That deal also took SailPoint private.
