Ping Identity is being acquired for $2.8 billion.
Photograph by Markus Spiske
Shares of
Ping Identity Holding
skyrocketed on Wednesday following news that the company would be taken private by investment firm Thoma Bravo for $2.8 billion.
Thoma Bravo will pay $28.50 a share in an all-cash transaction, presenting a premium of about 63% over Ping Identity’s (ticker:
PING
) closing share price on Tuesday.
Ping Identity gained 60% in premarket trading to $27.98.
Ping Identity provides identity verification solutions. The acquisition will enable Thoma Bravo to tap into the enterprise identity security solutions area, and allow Ping Identity to accelerate its cloud transformation, said Thoma Bravo partner Chip Virnig.
“A tectonic shift is occurring in intelligent identity solutions for the enterprise,” added 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.”
The deal is expected to close in the fourth quarter of 2022. After the close, Ping Identity will no longer be listed on the New York Stock Exchange.
Write to Sabrina Escobar at sabrina.escobar@barrons.com
