(Bloomberg) -- Private equity firm Thoma Bravo LLC will acquire the intelligence solutions company Ping Identity Holding Corp. for $2.8 billion, according to a statement released on Wednesday. Thoma Bravo will pay $28.50 per share in an all-cash transaction, a 63% premium over Ping Identity’s closing stock price on Tuesday.
The deal, approved unanimously by Ping Identity’s board, is set to close by the end of 2022.
“This compelling transaction is a testament to Ping Identity’s leading enterprise identity solutions, our talented team and our outstanding customers and partners,” said Ping Identity’s Chief Executive Officer Andre Durand in a statement. Ping Identity, which is based in Denver, will become a closely held company.
Investment firm Vista Equity Partners, which owns roughly 9.7% of Ping Identity’s shares, has agreed to vote its shares in favor of the transaction with Thoma Bravo, according to the statement.
Ping Identity’s shares rallied nearly 60% after the acquisition was announced. The company also reported second-quarter earnings, saying revenue fell 8.7% to $72 million, missing analysts’ estimates. The adjusted loss per share was 34 cents, compared to an 11 cent profit a year earlier.
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