Thoma Bravo to Acquire Ping Identity for $2.8B

Ping Identity (NYSE: PING), provider of the Intelligent Identity solution for the enterprise, today announced that it has “entered into a definitive agreement to be acquired by Thoma Bravo, a software investment firm, for $28.50 per share in an all-cash transaction valued at an Enterprise Value of approximately $2.8 billion.”

The offer represents “a premium of approximately 63% over Ping Identity’s closing share price on August 2, 2022, the last full trading day prior to the transaction announcement, and a premium of 52% over the volume weighted average price of Ping Identity stock for the 60 days ending August 2, 2022.”

Andre Durand, Ping Identity’s Chief Executive Officer, said:

“This compelling transaction is a testament to Ping Identity’s leading enterprise identity solutions, our talented team, and our outstanding customers and partners. 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. 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.”

Seth Boro, a Managing Partner at Thoma Bravo, remarked:

“A tectonic shift is occurring in intelligent identity solutions for the enterprise. 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. We are highly impressed with the talented Ping Identity team and look forward to working collaboratively in the years to come.”

Chip Virnig, a Partner at Thoma Bravo, added:

“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. 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.”

Goldman Sachs & Co. LLC is “acting as exclusive financial advisor” and Kirkland & Ellis LLP served “as legal advisor to Ping Identity.” Goodwin Procter LLP is serving “as legal counsel to Thoma Bravo.”

At Ping Identity, they believe in “making digital experiences both secure and seamless for all users, without compromise.”

That’s digital “freedom.” They let enterprises combine their identity solutions with third-party services they already use “to remove passwords, prevent fraud, support Zero Trust, or anything in between.”



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