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Private equity firm pays $2.3B for ForgeRock, continuing digital identity spree

Private equity firm pays $2.3B for ForgeRock, continuing digital identity spree

In an all-cash deal valued at $2.3 billion, a large private equity firm has bought digital identity and access management (IAM) vendor ForgeRock.

Executives of the equity firm, Thoma Bravo, say ForgeRock’s board unanimously approved the move, which should close by June 2023. The software-focused firm has a pronounced appetite for biometrics and digital identity players, having paid $2.8 billion in August for Ping.

Thoma Bravo executives said they paid $23.25 per share, a 53 percent premium over ForgeRock’s October 10 closing share price. ForgeRock raised $275 million in an IPO last year that valued the company at $2.8 billion.

ForgeRock will keep its name but become a privately held company. There will be no earnings call after executives release third quarter numbers November 9.

The company creates enterprise-strength ID products for 1,300 organizations. The products address digital identity orchestration, dynamic access control and governance in cloud and hybrid settings.

Thoma Bravo claimed more than $122 billion in assets under management as of June 30.

In April, it stepped in to close the purchase of SecureLink by Imprivata, which Thoma Bravo owns. Imprivata is an access management and security firm. Access control firm SecureLink will be integrated into Imprivata’s health care unit.

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