Investment firm Thoma Bravo has entered into a agreement to acquire Ping Identity in a deal valued at about $2.8 billion. Upon completion of the all-cash transaction, the firm said it will take the identity management services provider private.
Ping offers cloud-based security software that enables password-less sign-on, fraud protection, and more. The 10-figure cash offer puts the investment group in a position to take advantage of what they forecast will be a $50 billion enterprise identity-security solutions market, according to Thoma Bravo partner Chip Virnig.
"This compelling transaction is a testament to Ping Identity's leading enterprise identity solutions, our talented team, and our outstanding customers and partners," Andre Durand, Ping Identity's chief executive officer said in an announcement of the deal. "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."