Thoma Bravo to take software firm ForgeRock private in $2.3 bln deal (updated)

ForgeRock

11/10/2022 14:17

(Adds background)
       Oct 11 (Reuters) - ForgeRock  FORG.N  said on Tuesday it
will be acquired by buyout firm Thoma Bravo in an all-cash deal
valued at about $2.3 billion, just over a year after the digital
identity management company went public.
    The move comes at a time when private equity buyers have
ramped up their take-private activities as valuations of public
tech companies dropped due to a broader equities selloff,
triggered by high inflation and a tightening monetary policy.
    ForgeRock shareholders will receive $23.25 for each share
held, which represents a premium of about 53.4% to the stock's
last closing price.
    Shares of ForgeRock jumped 50% to $22.76 before the bell.
ForgeRock has been trading well below its initial public
offering price of $25 per share, and has fallen over 43% so far
this year. 
    Thoma Bravo, an avid software sector investor, acquired
cybersecurity firm SailPoint, agreed to buy Ping Identity
Holding  PING.N  and has expressed interest in British firm
Darktrace Plc  DARK.L  and Australia's Nearmap  NEA.AX  so far
this year.  
    San Francisco-based ForgeRock provides identity and access
management solutions for consumers, workforce and internet of
things devices.
    Distributed workforce and increased cyberattacks on
businesses during the pandemic have pushed up demand for digital
security solutions, helping drive growth for companies like
ForgeRock that provides tools and software against such threats.
    Prior to its public listing in 2021, ForgeRock had raised
over $230 million in growth capital from investors, including
Accel, KKR & Co  KKR.N  and Riverwood Capital. 
    The deal is expected to close in the first half of 2023. 
 (Reporting by Eva Mathews in Bengaluru; Editing by Shailesh
Kuber)
 ((Eva.Mathews@thomsonreuters.com;))