Thoma Bravo Completes ForgeRock Acquisition, Combining it with Ping Identity

In a significant move within the realm of cybersecurity and identity management, Thoma Bravo has successfully concluded its $2.3 billion acquisition of ForgeRock, a leading digital identity management solutions provider. This acquisition marks a pivotal step in Thoma Bravo's expansion strategy, aiming to consolidate its position in the rapidly evolving cybersecurity market. Additionally, it reinforces Thoma Bravo's commitment to bolstering its portfolio of companies that excel in securing digital identities and access management.

The acquisition, initially announced in October 2022, received unanimous approval from ForgeRock stockholders during a special meeting held in January. As a result, ForgeRock has now transitioned to a private entity, with its class A common stock officially delisted from the New York Stock Exchange.

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Under the terms of the acquisition, ForgeRock stockholders received $23.25 in cash for each share of ForgeRock class A and class B common stock they held. This acquisition follows closely on the heels of Thoma Bravo's $2.8 billion acquisition of Ping Identity in 2022, effectively merging the two cybersecurity giants.

The strategic intent behind combining ForgeRock and Ping Identity is clear: to better serve customers within the identity and access management (IAM) market. By integrating the capabilities of both companies, Thoma Bravo aims to offer enhanced products and services, broader geographic support, and an increased focus on innovation.

One of the primary objectives of this merger is to expedite the delivery of identity security solutions for customers, employees, and partners of organizations worldwide. This aligns with the growing importance of robust identity management and access control as businesses increasingly rely on digital platforms and cloud-based services.

Fran Rosch, CEO of ForgeRock, expressed enthusiasm about the acquisition, emphasizing the value it brings to all stakeholders. He remarked, "We are confident that Thoma Bravo's resources and insights will help us continue to drive innovation in our platform and deliver even more value for customers."

While neither Thoma Bravo nor ForgeRock have disclosed specific details about their future plans, the move undoubtedly reflects a broader trend in the cybersecurity sector. Thoma Bravo has been active in acquiring and consolidating cybersecurity companies in recent years, including Imperva, Sophos, Proofpoint, and Sailpoint Technologies. These strategic acquisitions showcase Thoma Bravo's dedication to establishing a strong presence in the cybersecurity landscape.

Moreover, the sale of Imperva to French multinational company Thales underlines Thoma Bravo's commitment to optimizing its portfolio to align with evolving market demands and opportunities. As the digital threat landscape continues to evolve, having a robust and diversified suite of cybersecurity solutions becomes increasingly vital.

This strategic move is poised to reshape the cybersecurity landscape and contribute to safer digital experiences for individuals and enterprises worldwide.