U.S. private equity giant Thoma Bravo acquires SailPoint
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Mark McClain (Co-founder, CEO, Sailpoint Technologies Holdings) rings the opening bell for Sailpoint Technologies Holdings’ IPO in New York at the New York Stock Exchange, New York on November 17, 2017.
Brendan McDermid | Reuters
Thoma Bravo, a U.S.-based private equity firm has purchased SailPointIn an all-cash transaction worth approximately $6.9 Billion, cybersecurity firm announced Monday.
Thoma Bravo has agreed to privatize the company, highlighting the increasing demand for security software. Many companies continue to operate remotely because of the pandemic. The Russia-Ukraine conflict has raised fears about cyberattacks.
Thoma Bravo is set to pay $65.25 per Share in Cash, sending Sailpoint stocks soaring almost 30% this morning.
SailPoint is a software company that provides identity management and access management software. It was established in 2005 to assist organizations with reducing security risks. The company went public in 2017.
Mark McClain (founder and CEO of SailPoint) stated in a statement that the acquisition will give the company more flexibility and expand markets, and allow for innovation.
Thoma Bravo has made several acquisitions in recent years. This follows their previous acquisitions. $10.7 billion acquisition of AnaplanSoftware company for enterprise. In 2017, the company bought a cybersecurity company. Proofpoint for about $12.3 billion. There are 24 security-focused businesses in the portfolio of SailPoint. according to the company’s website.
SailPoint’s deal with SailPoint should close by the end of the second quarter 2022. Although the SailPoint board approved the deal it still needs to be approved by shareholders. Morgan Stanley acts as financial advisor.
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