Authentication software firm Ping Identity said Thoma Bravo would take it private for $2.4 billion.
Ping Identity offers identity solutions and services to prevent fraud and protect passwords.
Thoma Bravo, which has more than $103 billion in assets under management, will offer $28.50 for each share of Ping Identity, representing a premium of 63 percent to the company’s last closing price. The offer has an equity value of $2.4 billion, according to a Reuters calculation.
The enterprise value of the deal is $2.8 billion.
Vista Equity Partners is the company’s largest shareholder with a nearly 10 percent stake, according to Refinitiv. Vista had acquired Ping Identity in 2016 and then taken it public three years later, when the firm was valued at about $1.16 billion.
Ping Identity reported second quarter revenue of $72 million.