ForgeRock merges with Ping Identity as regulators approve Thoma Bravo deal
The United States Justice Department has approved the sale of identity and access management leader ForgeRock to Thoma Bravo for $2.3 billion, paving the way for the private equity firm to merge it with previous acquisition Ping Identity.
The combined entity is better positioned to provide enhanced products and services and broad geographic support to customers, according to the announcement. It will attempt to speed up the delivery of digital identity experiences to enterprise employees, partners and end-users, Thoma Bravo says. The wording of the announcement appears to indicate that the Ping brand will remain.
The government had been rumored to be considering blocking the deal on anti-competition grounds. The consolidation brings together two of the largest competitors in the IAM market, at a combined cost of $5.1 billion. Thoma Bravo also owns digital identity security company Imprivata and cybersecurity company SailPoint.
The companies met with Justice Department officials and extended a review deadline from August 22, Bloomberg reports.
ForgeRock shareholders will receive $23.25 per share for class A and B common stock. Class shares will no longer be traded, and ForgeRock is delisting from the New York Stock Exchange. Shares peaked at $23.22 on the NYSE following the announcement.
Juniper Research has forecast that the global IAM market will grow from $16 billion last year to $26 billion by 2027