Thoma Bravo has agreed to acquire Denver-based digital security specialist Ping Identity for $2.8 billion, as the software investment firm continues its cyber security drive.
The move is the latest in a string of related acquisitions for Thoma Bravo, having previously snapped up Sophos, Proofpoint, and Sailpoint Technologies.
In an announcement, Ping CEO Andre Durand said the deal, which is expected to close in Q4 2022, is a testament to the company’s enterprise identity solutions, its team, as well as its partners.
"Identity security and frictionless user experiences have become essential in the digital-first economy and Ping Identity is better positioned than ever to capitalise on the growing demand from modern enterprises for robust security solutions,” he said.
“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."
Based in Denver, Colorado, Ping Identity specialises in cloud-based enterprise authentication, single sign-on (SSO), and access management. The firm was previously bought by Vista Equity Partners back in 2016 before being taken public in 2019 at an initial valuation of $1.16 billion.
Now, Vista, which owns around 10% of Ping’s outstanding shares, has agreed to vote in favour of the pending acquisition.
As a result, Ping now joins a number of other prominent cyber security names on Thoma Bravo’s books, including Sailpoint Technologies, Proofpoint, Sophos, as well as MSP software providers Connectwise and N-able.
"A tectonic shift is occurring in intelligent identity solutions for the enterprise," explained Seth Boro, a Managing Partner at Thoma Bravo. "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.”
Chip Virnig, Partner at Thoma Bravo, added that Ping was well-positioned to capitalise on the “significant opportunities” in the $50 billion Enterprise Identity solutions segment.
"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," he said.
-
Criminals target APIs as web attacks skyrocket globallyNews More than a third of web attacks target APIs as AI expands attack surfaces and brings new security challenges
-
What to look out for at RSAC Conference 2025Analysis Convincing attendees that AI can revolutionize security will be the first point of order at next week’s RSA Conference – but traditional threats will be a constant undercurrent
-
Lacklustre leadership from DCMS delays UK-wide biometric identity platform rolloutNews For years the UK government has longed for a fully functional digital identity system, but it isn't helping those who are crying out to build it
-
Thoma Bravo's $2.3bn ForgeRock acquisition brings 2022 cyber investment to $12bnNews The firm will have spent big on three different digital identity access management companies in the last year, in addition to significant industry investments since 2019
-
Thales acquires OneWelcome to boost identity and data privacy managementNews The company is set to buy OneWelcome for €100 million (£84 million) and use its offerings to give users greater control of their data
-
CIAM buyer’s guideWhitepaper Finding the right CIAM solution to capture & retain customers, fuel business growth and keep customers safe
-
The hybrid work maturity frameworkWhitepaper Your roadmap to trusted flexible working
-
Thoma Bravo acquires SailPoint for $6.9 billionNews Following the acquisition, SailPoint will no longer be listed on any public market
-
SentinelOne to acquire Attivo Networks for $617 millionNews The deal will broaden SentinelOne's access to extended detection and response technology
-
Three ways your customer identity strategy fuels business growthWhitepaper Moving your business forward in innovative ways to jump-start growth
