Ping Identity, an intelligent identity solutions provider listed on the NYSE, has agreed to be acquired by Thoma Bravo in an all-cash deal worth around $2.8 billion.

As per the terms of the deal, Ping Identity’s shareholders will be paid $28.5 per share by the software investment firm. The deal will take Ping Identity private.

Chip Virnig — Thoma Bravo Partner said: “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.”

The deal has been approved unanimously by Ping Identity’s board of directors. It is also backed by Vista Equity Partners, which owns nearly 9.7% of Ping Identity’s stake.

Andre Durand — Ping Identity CEO said: “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.”

The deal, which is subject to approval by Ping Identity’s shareholders, regulatory approvals, and other conditions, is likely to close in Q4 2022.

  Andre Durand, Chip Virnig, Ping Identity, Thoma Bravo, USA, Vista Equity Partners