Thoma Bravo to take software firm Ping Identity private for $2.8bn

• According to the terms of the deal, Ping shareholders will receive $28.50 per share
• When the deal closes, Ping Identity will no longer trade on the New York Stock Exchange
• Ping Identity’s previous backer Vista Equity Partners will exit as a result of this transaction

Thoma Bravo has agreed to acquire Ping Identity in a take-private deal for about $2.8 billion. According to the terms of the deal, Ping shareholders will receive $28.50 per share. Ping Identity is a provider of intelligent indentity solutions for the enterprise.

Ping Identity’s previous backer Vista Equity Partners will exit as a result of this deal.

“A tectonic shift is occurring in intelligent identity solutions for the enterprise,” said Seth Boro, a managing partner at Thoma Bravo, in a statement. “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.”

The transaction is expected to close in the fourth quarter of 2022. When the deal closes, Ping Identity will no longer trade on the New York Stock Exchange. Ping Identity will remain headquartered in Denver.

Goldman Sachs is serving as financial advisor and Kirkland & Ellis LLP served as legal advisor to Ping Identity. Goodwin Procter LLP is serving as legal counsel to Thoma Bravo.

Thoma Bravo has more than $114 billion in assets under management as of March 31, 2022. The firm invests in the software and technology sectors.