Private equity firm Thoma Bravo continues its massive multibillion-dollar buying spree in the identity and access management (IAM) space, this time splashing out $2.3 billion in a reportedly all-cash offer for ForgeRock. 

ForgeRock went public just a little over a year ago, Reuters pointed out. The San Francisco-based company provides IAM for end consumers, workforce, and Internet of Things (IoT) devices, the company site says.

ForgeRock shareholders will receive $23.25 per share, which represents a premium of about 53.4% to the stock's last closing price on Tuesday. The deal is expected to close in the first half of 2023.

Thoma Bravo is banking on a swelling market for cloud services to drive IAM demand, according to earlier Dark Reading reporting on investors' keen interest in the cybersecurity software sector. 

Reuters added that the private equity firm has also expressed interest in Darktrace and Nearmap over the past year.