DENVER, Oct. 18,
2022 /PRNewswire/ -- Ping Identity, the intelligent
identity solution for the enterprise, announced the completion of
its acquisition by Thoma Bravo, a leading software investment firm,
in an all-cash transaction valued at approximately $2.8 billion. The agreement to be acquired was
previously announced on August 3,
2022 and approved by Ping Identity stockholders at Ping
Identity's Special Meeting of Stockholders held on October 17, 2022.
Upon completion of the acquisition, Ping Identity stockholders
are entitled to receive $28.50 in
cash for each share of Ping Identity common stock they owned. Ping
Identity's common stock has ceased trading and will be delisted
from the New York Stock Exchange.
"The closing of this transaction underscores how identity
security and frictionless user experiences have become essential in
the digital-first economy," said Andre
Durand, CEO and founder of Ping Identity. "With the support
of Thoma Bravo, Ping Identity can further accelerate innovation to
deliver the easy and secure digital experiences customers demand
from every industry. We are excited that this next chapter provides
the opportunity to better serve global enterprises on their digital
transformation journey."
"With digitization increasing across industries, identity and
access management are of critical importance," said Seth Boro, a Managing Partner at Thoma Bravo.
"Our team is excited to partner with Ping Identity to help extend
its innovation and drive enhanced customer experiences."
Goldman Sachs & Co. LLC acted as exclusive financial advisor
and Kirkland & Ellis LLP served as legal advisor to Ping
Identity. Goodwin Procter LLP served as legal counsel to Thoma
Bravo.
About Ping Identity
At Ping Identity, we believe in making digital experiences both
secure and seamless for all users, without compromise. That's
digital freedom. We let enterprises combine our best-in-class
identity solutions with third-party services they already use to
remove passwords, prevent fraud, support Zero Trust, or anything in
between. This can be accomplished through a simple drag-and-drop
canvas. That's why more than half of the Fortune 100 choose Ping
Identity to protect digital interactions from their users while
making experiences frictionless. Learn more at
www.pingidentity.com.
About Thoma Bravo
Thoma Bravo is one of the largest private equity firms in the
world, with more than $122 billion in
assets under management as of June 30,
2022. The firm invests in growth-oriented, innovative
companies operating in the software and technology sectors.
Leveraging the firm's deep sector expertise and proven strategic
and operational capabilities, Thoma Bravo collaborates with its
portfolio companies to implement operating best practices, drive
growth initiatives and make accretive acquisitions intended to
accelerate revenue and earnings. Over the past 20 years, the firm
has acquired or invested in more than 400 companies representing
over $220 billion in enterprise
value. The firm has offices in Chicago, Miami and San
Francisco. For more information, visit
www.thomabravo.com.
Forward-Looking Statements
This communication contains and Ping Identity Holding Corp.'s
(the "Company") other filings and press releases may contain
forward-looking statements, which include all statements that do
not relate solely to historical or current facts, such as
statements regarding our expectations, intentions or strategies
regarding the future. In some cases, you can identify
forward-looking statements by the following words: "may," "will,"
"could," "would," "should," "expect," "intend," "plan,"
"anticipate," "believe," "estimate," "predict," "project," "aim,"
"potential," "continue," "ongoing," "goal," "can," "seek," "target"
or the negative of these terms or other similar expressions,
although not all forward-looking statements contain these words.
These forward-looking statements are based on management's beliefs,
as well as assumptions made by, and information currently available
to, the Company. Because such statements are based on expectations
as to future financial and operating results and are not statements
of fact, actual results may differ materially from those projected
and are subject to a number of known and unknown risks and
uncertainties, including: (i) the effect of the transaction on the
Company's business relationships, operating results and business
generally; (ii) the Company's ability to retain and hire key
personnel and maintain relationships with key business partners and
customers, and others with whom it does business, in light of the
transaction; (iii) unexpected costs, charges or expenses resulting
from the Merger; (iv) potential litigation relating to the Merger
that could be instituted against the parties to the Merger
Agreement or their respective directors, managers or officers,
including the effects of any outcomes related thereto; (v)
continued availability of capital and financing and rating agency
actions; (v) unpredictability and severity of catastrophic
events, including but not limited to acts of terrorism, war or
hostilities or the COVID-19 pandemic, as well as management's
response to any of the aforementioned factors; (vi) the impact of
adverse general and industry-specific economic and market
conditions, including any impact from ongoing conflict in
Ukraine and Russia, and reductions in IT and identity
spending; and (vii) other risks described in the Company's filings
with the U.S. Securities and Exchange Commission (the "SEC"), such
risks and uncertainties described under the headings
"Forward-Looking Statements," "Risk Factors" and other sections of
the Company's Annual Report on Form 10-K filed with the SEC on
February 24, 2022, the Company's
Quarterly Report on Form 10-Q filed with the SEC on August 4, 2022, and subsequent filings. While the
list of risks and uncertainties presented here is, and the
discussion of risks and uncertainties to be presented in the
information statement will be, considered representative, no such
list or discussion should be considered a complete statement of all
potential risks and uncertainties. Unlisted factors may present
significant additional obstacles to the realization of
forward-looking statements. Consequences of material differences in
results as compared with those anticipated in the forward-looking
statements could include, among other things, business disruption,
operational problems, financial loss, and legal liability to third
parties and similar risks, any of which could have a material
adverse effect on the completion of the Merger and/or the Company's
consolidated financial condition, results of operations, credit
rating or liquidity. The forward-looking statements speak only as
of the date they are made. The Company undertakes no obligation to
update any forward-looking statements, whether as a result of new
information, future events or otherwise.
Contacts
For Ping Identity
Media Relations:
Megan Johnson
Tel: 757.635.2807
press@pingidentity.com
For Thoma Bravo
Thoma Bravo Communications
Megan Frank
212-731-4778
mfrank@thomabravo.com
FGS Global
Liz Micci / Abigail Farr
Liz.Micci@fgsglobal.com / Abigail.Farr@fgsglobal.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/thoma-bravo-completes-acquisition-of-ping-identity-301651957.html
SOURCE Ping Identity Corp.