A renowned software investment firm, Thoma Bravo, has entered into a definitive agreement to purchase Ping Identity, a supplier of the Intelligent Identity solution for the enterprise, for $28.50 per share in an all-cash deal with an Enterprise Value of almost $2.8 billion. The offer is valued at about 63 percent more than Ping Identity’s closing share price on August 2, 2022, the final day of trading before the announcement of the deal, and at 52 percent more than the volume-weighted average price of the stock for the 60 days preceding.

“This compelling transaction is a testament to Ping Identity’s leading enterprise identity solutions, our talented team, and our outstanding customers and partners,”

“Identity security and frictionless user experiences have become essential in the digital-first economy and Ping Identity are better positioned than ever to capitalize on the growing demand from modern enterprises for robust security solutions. We are pleased to partner with Thoma Bravo, which has a strong track record of investing in high-growth cloud software security businesses and supporting companies with initiatives to turbocharge innovation and open new markets.”

                                                     Andre Durand, Ping Identity’s Chief Executive Officer.

“A tectonic shift is occurring in intelligent identity solutions for the enterprise,”

“Ping Identity’s unique capabilities and strong position in enterprise identity security make it a great platform to deliver customer outcomes, expand into new use cases and support digital transformations. We are highly impressed with the talented Ping Identity team and look forward to working collaboratively in the years to come.”

                                                                    Seth Boro, a Managing Partner at Thoma Bravo.

“Ping Identity is a leader in intelligent identity solutions for the enterprise and is well-positioned to capitalize on the significant opportunities in the$50 billion Enterprise Identity security solutions area,”

“Our shared commitment to growth and innovation, combined with Thoma Bravo’s significant security software investing and operational expertise, will enable Ping Identity to accelerate its cloud transformation and delivery of industry-leading identity security experiences for the customers, employees and partners of large enterprises worldwide.”

                                                                                   Chip Virnig, a Partner at Thoma Bravo.

The Ping Identity Board of Directors unanimously authorized the deal, and it is anticipated to close in the fourth quarter of 2022, subject to the usual closing requirements, such as shareholder approval and regulatory approvals. The transaction’s closing is not contingent on any financial issues. Following the sale, Ping Identity will become a privately held corporation and its common stock will be delisted from the New York Stock Exchange. The Company’s headquarters will continue to be in Denver, Colorado.

About 9.7 percent of Ping Identity’s outstanding shares are owned by Vista Equity Partners, and the company has agreed to vote its shares in favor of the deal.

“This transaction is a great outcome, and one we firmly believe maximizes value for all stakeholders,”

“We wish Andre and the entire Ping Identity team continued success and thank them for their commitment and partnership over the last six years.”

Michael Fosnaugh, Co-Head of Vista’s Flagship Fund & Senior MD, & Ping Identity’s Chairman of the Board.