Thoma Bravo's acquisition of Ping Identity for $2.8 billion marks a significant move in the enterprise identity security sector. This all-cash transaction underscores the growing importance of secure and seamless digital experiences. With this acquisition, Thoma Bravo aims to enhance Ping Identity's innovation and customer service capabilities, positioning it as a key player in the industry.
Founded in 2002, Ping Identity specializes in identity security solutions for digital enterprises. Its core offerings include customer identity, workforce identity, and B2B identity solutions, along with advanced capabilities like Single Sign-On (SSO), Multi-Factor Authentication (MFA), and Identity Orchestration. Ping Identity stands out in the market with its unmatched flexibility, resilience, and security, and is recognized by leading analysts for its comprehensive integration and tailored industry solutions.
Thoma Bravo is a leading private equity investment firm specializing in the software and technology sectors. The firm provides capital and strategic support to experienced management teams and growing companies. Thoma Bravo manages over $179 billion in assets and has completed approximately 520 transactions. Known for its significant investments and strategic acquisitions, the firm holds a highly influential position in the private equity market, particularly within the technology sector.
Thoma Bravo completed its acquisition of Ping Identity on October 18, 2022. This acquisition came at a time when the importance of identity security and seamless digital experiences was rapidly increasing. The deal, initially announced on August 3, 2022, and approved by Ping Identity stockholders on October 17, 2022, underscores the growing focus on digital-first strategies and the need for robust identity and access management solutions in the evolving digital economy.
The acquisition of Ping Identity by Thoma Bravo has led to significant changes in the company's operations and management. Ping Identity's common stock has ceased trading and will be delisted from the New York Stock Exchange, transitioning the company to a privately held entity. The merger with ForgeRock, another Thoma Bravo acquisition, has resulted in Ping Identity founder and CEO Andre Durand leading the combined company, while ForgeRock CEO Fran Rosch will depart after a brief transition period. This consolidation aims to streamline overlapping product lines and enhance the company's ability to serve the global Identity and Access Management (IAM) market.
The acquisition is expected to positively impact Ping Identity's product offerings and services. With Thoma Bravo's support, Ping Identity plans to accelerate its cloud transformation and deliver more robust identity security solutions. The merger with ForgeRock will enable the combined entity to offer enhanced products, broader geographic support, and increased innovation. While employees face a period of uncertainty, the overall reaction has been optimistic, with the potential for improved customer experiences and stronger market positioning. For founders considering business transitions, tools like Sunset can assist in managing such processes compliantly and efficiently.