Ping Identity to go private after $2.8bn acquisition

Ping Identity is set to become a privately held company after the identity solutions provider agreed to a $2.8bn takeover by private-equity firm Thoma Bravo.

Thoma Bravo will offer Ping Identity shareholders $28.50 per share in an all-cash transaction, representing a premium of 63% to the company's closing share price on August 2, the company said.

Vista Equity Partners owns approximately 9.7% of Ping Identity's shares.

Michael Fosnaugh, Co-Head of Vista's Flagship Fund and Senior Managing Director, and Ping Identity's Chairman of the Board: "This transaction is a great outcome, and one we firmly believe maximises value for all stakeholders." 

The Thoma Bravo-Ping deal is expected to close in the fourth quarter of this year.