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 should take theadministration providers supplier non-public.
Ping provides cloud-based safety software program that permits password-less sign-on, fraud safety, and extra. The ten-figure money supply places the funding group able to benefit from what they forecast will likely be a $50 billion enterprise identity-security options market, in response to Thoma Bravo associate Chip Virnig.
“This compelling transaction is a testomony to Ping Id’s main enterprise identification options, our gifted workforce, and our excellent prospects and companions,” Andre Durand, Ping Id’s chief government officer mentioned in an. “Id safety and frictionless consumer experiences have turn out to be 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.”