Funding agency Thoma Bravo has entered right into a settlement to accumulate Ping Id in a deal valued at about $2.8 billion. Upon completion of the all-cash transaction, the agency mentioned it can take the id administration providers supplier personal.
Ping provides cloud-based safety software program that permits password-less sign-on, fraud safety, and extra. The ten-figure money provide places the funding group able to benefit from what they forecast might be a $50 billion enterprise identity-security options market, based on Thoma Bravo accomplice Chip Virnig.
“This compelling transaction is a testomony to Ping Id’s main enterprise id options, our proficient group, and our excellent clients and companions,” Andre Durand, Ping Id’s chief government officer mentioned in an announcement of the deal. “Id safety and frictionless consumer experiences have change into important within the digital-first financial system and Ping Id is healthier positioned than ever to capitalize on the rising demand from trendy enterprises for sturdy safety options.”
