Ping Identity, the enterprise identity management company acquired by the private equity firm Thoma Bravo is buying the company and taking it private for $2.8 billion.
Ping Identity’s leading enterprise identity solutions, 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.
This is the second time that Ping has bounced into the hands of a PE firm. Prior to going public, it was majority-owned by Vista Equity. Vista retained a share of the company, currently 9.7% of its outstanding shares.
Thoma Bravo has been one of the groups of PE firms that has been aggressively scooping up tech companies in recent months capitalizing on the current climate.
Ping Identity is among three public company acquisitions Chicago-based Thoma Bravo has made so far this year, including Anaplan for $10.7 billion and SailPoint for $6.9 billion. The Ping Identity acquisition is expected to close in the fourth quarter. Ping Identity will stay headquartered in Denver once it’s taken private.
Identity management remains a very hot area in the world of enterprise IT, given the increasing number of cyberattacks and breaches that started by hackers maliciously entering networks through credential stuffing and other tactics that leverage weaknesses in log-in procedures.