Thoma Bravo doubles down on enterprise digital ID with $2.8B Ping Identity deal

Ping Identity has been acquired by software investment firm Thoma Bravo for $2.8 billion, which is taking the enterprise digital identity provider private.

The company’s shareholders will receive $28.50 per share in cash compensation. That represents a premium of roughly 63 percent over Ping’s closing share price on August 2, and 52 percent over the volume weighted 60-day average.

Ping CEO Andre Durand says the deal is testament to leadership of the company’s digital ID solutions for enterprises, its team and partners.

The latest addition among those partners is Daon, which launched its multi-factor biometrics to the Ping Identity network just last week.

“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,” Durand comments. “We are pleased to partner with Thoma Bravo, which has a strong track record of investing in high-growth cloud software security businesses and supporting companies with initiatives to turbocharge innovation and open new markets.”

Partners with Thoma Bravo remarked on Ping’s positioning in securing enterprise digital ID, supporting digital transformation, and potential for expansion into new use cases. They also peg the enterprise digital identity security market as a $50 billion opportunity.

Thoma Bravo also owns Imprivata, and had at one point planned to sell the company, before reversing course and investing additional funds to support Imprivata’s acquisition of SecureLink in 2021. The investment firm has also been mentioned as a potential buyer for Idemia.

Growth continues with second quarter results

Ping also reported an increase in its annual recurring revenue of 22 percent during its fiscal second quarter of 2022, the sixth straight quarter of growth on a year-over-year basis.

Total revenue for the quarter was $72 million, with subscriptions representing 92 percent.

Revenue from software-as-a-service (SaaS) offerings also grew by 69 percent on a year-over-year basis, the fifth straight quarterly acceleration, according to the company announcement.

Durand says Ping will focus on the maturation of its cloud platform and supporting channel partners in the second half of this year.

Article Topics

acquisitions  |  biometrics  |  digital identity  |  financial results  |  Ping Identity  |  stocks  |  Thoma Bravo