Thoma Bravo Set to Acquire SailPoint

Private equity firm Thoma Bravo will acquire SailPoint Technologies (SAIL.N) in a deal valued at $6.9 billion, in a statement released Thoma bravo

Texas-based SailPoint is used by businesses to give employees secure access to remote working software and to protect cloud computing infrastructure from hackers.

A shift to remote working during the pandemic, as well as the Russia-Ukraine conflict, has fuelled a spike in cyberattacks and bolstered demand for security software firms.

SailPoint shares were up 26% premarket. The Financial Times first reported the news.

Thoma Bravo, which is largely focused on software and technology companies, has been doubling down on its investments in the sector.

Last year, it bought Proofpoint Inc in an all-cash deal that valued the cybersecurity firm at about $12.3 billion and agreed to buy software maker Anaplan Inc for $9.65 billion in March.