Ping Identification (NYSE: PING), supplier of the Clever Identification resolution for the enterprise, immediately introduced that it has entered right into a definitive settlement to be acquired by Thoma Bravo, a number one software program funding agency, for $28.50 per share in an all-cash transaction valued at an Enterprise Worth of roughly $2.8 billion.
“This compelling transaction is a testomony to Ping Identification’s main enterprise identification options, our proficient group, and our excellent prospects and companions,” mentioned Andre Durand, Ping Identification’s Chief Government Officer. “Identification safety and frictionless person experiences have change into important within the digital-first economic system and Ping Identification is healthier positioned than ever to capitalize on the rising demand from fashionable enterprises for strong safety options. We’re happy to accomplice with Thoma Bravo, which has a powerful monitor document of investing in high-growth cloud software program safety companies and supporting corporations with initiatives to turbocharge innovation and open new markets.”
“A tectonic shift is going on in clever identification options for the enterprise,” mentioned Seth Boro, a Managing Companion at Thoma Bravo. “Ping Identification’s distinctive capabilities and robust place in enterprise identification safety make it an excellent platform to ship buyer outcomes, increase into new use circumstances and assist digital transformations. We’re extremely impressed with the proficient Ping Identification group and sit up for working collaboratively within the years to come back.”
“Ping Identification is a pacesetter in clever identification options for the enterprise and is well-positioned to capitalize on the numerous alternatives within the $50 billion Enterprise Identification safety options space,” mentioned Chip Virnig, a Companion at Thoma Bravo. “Our shared dedication to progress and innovation, mixed with Thoma Bravo’s important safety software program investing and operational experience, will allow Ping Identification to speed up its cloud transformation and supply of business main identification safety experiences for the shoppers, staff and companions of enormous enterprises worldwide.”
Transaction Particulars
The transaction, which was unanimously permitted by the Ping Identification Board of Administrators, is anticipated to shut within the fourth quarter of 2022, topic to customary closing circumstances, together with approval by Ping Identification shareholders and regulatory approvals. Closing of the transaction is just not topic to any financing contingency. Upon completion of the transaction, Ping Identification’s frequent inventory will not be listed on the New York Inventory Change and Ping Identification will change into a privately held firm. The Firm will stay headquartered in Denver, Colorado.
Vista Fairness Companions, which owns roughly 9.7% of Ping Identification’s excellent shares, has agreed to vote its shares in favor of the transaction.
“This transaction is a superb final result, and one we firmly consider maximizes worth for all stakeholders,” mentioned Michael Fosnaugh, Co-Head of Vista’s Flagship Fund and Senior Managing Director, and Ping Identification’s Chairman of the Board. “We want Andre and all the Ping Identification group continued success and thank them for his or her dedication and partnership over the past six years.”
Second Quarter 2022 Monetary Outcomes
In a separate press launch, Ping Identification immediately introduced monetary outcomes for its second quarter 2022. The press launch can be accessible on the Investor Relations part of the Firm’s web site. In gentle of the introduced transaction with Thoma Bravo, Ping Identification has cancelled its earnings convention name as beforehand scheduled for August 3, 2022.
Advisors
Goldman Sachs & Co. LLC is appearing as unique monetary advisor and Kirkland & Ellis LLP served as authorized advisor to Ping Identification. Goodwin Procter LLP is serving as authorized counsel to Thoma Bravo.