Thoma Bravo picks up Ping Identity for $2.8B in an all-cash deal

After a tough few months in the markets for Ping Identity, the enterprise identity management company today announced a big move.

private equity firm Thoma Bravo is buying the company and taking it private for $2.8 billion.

Ping is traded on the NYSE (it went public pre-pandemic) and Thoma Bravo will be paying $28.50 per share in an all-cash transaction

which is 63% over Ping Identity’s closing share price on August 2, 2022, the company said.

This is actually the second time that Ping has bounced into the hands of a PE firm. Prior to going public,

It was majority-owned by Vista Equity. Vista retained a share of the company, currently 9.7% of its outstanding shares.

Other major enterprise IT deals Thoma Bravo has been involved in have included buying SailPoint for $6.9 billion and Anaplan for $10.7 billion.