DoJ may challenge Thoma Bravo deal to take ForgeRock private - Politico

ForgeRock

10/07/2023 22:58

July 10 (Reuters) - The U.S. Department of Justice (DOJ)
is nearing a decision on whether to challenge private equity
firm Thoma Bravo's $2.3 billion buyout deal for ForgeRock Inc
 FORG.N , Politico reported on Monday, citing four people with
direct knowledge of the matter. 
    The development comes months after ForgeRock said it had
received notice from the DOJ demanding more information related
to the go-private deal.
    "We look forward to completing the review process with the
Department of Justice and partnering with Thoma Bravo,"
ForgeRock told Reuters on Monday. 
    The DOJ declined to comment when contacted by Reuters.
    San Francisco-based ForgeRock provides identity and access
management solutions for consumers, workforce and internet of
things devices. 
    Thoma Bravo, which agreed to buy ForgeRock in October,
invested in several software firms last year taking advantage of
falling valuations, as a result of a broader equities selloff,
triggered by high inflation and a tightening monetary policy.
    The move comes at a time when distributed workforce and
increased cyberattacks on businesses during the pandemic have
boosted demand for digital security solutions, helping drive
growth for companies like ForgeRock. 

 (Reporting by Priyamvada C and Pritam Biswas in Bengaluru;
Editing by Shailesh Kuber)
 ((Priyamvada.C@thomsonreuters.com https://twitter.com/priyamouli1812?lang=en;))