Thoma Bravo Successfully Completes $2.3 bn Acquisition of ForgeRock

Tech-focused private equity firm Thoma Bravo has announced the successful closure of its all-cash transaction worth $2.3 billion to acquire ForgeRock, a prominent player in the identity and access management software sector. This strategic move bolsters Thoma Bravo’s position in the cybersecurity domain and marks a significant step in the evolution of its portfolio.
VC funding for techThe acquisition process involved the integration of ForgeRock with Ping Identity, another cybersecurity company that Thoma Bravo had acquired in the previous year for $2.4 billion. By combining these two entities, Thoma Bravo aims to create a formidable force in the realm of identity and access management solutions.

Thoma Bravo’s interest in ForgeRock was initially revealed in October when the private equity firm entered into an agreement to purchase the software company for $23.25 per share. Anticipating a synergistic collaboration, Thoma Bravo had projected the deal’s finalization within the first half of 2023.

The acquisition process was not without its regulatory considerations. ForgeRock had come under the scrutiny of the U.S. Department of Justice (DoJ), which requested additional information about the transaction. In a recent development, it has been reported that the DoJ has opted not to contest the deal, a decision that paves the way for the acquisition to proceed smoothly.

The consolidation of ForgeRock and Ping Identity under Thoma Bravo’s umbrella underscores the private equity firm’s commitment to nurturing technological innovation and advancing cybersecurity solutions. As digital landscapes continue to evolve and the importance of robust identity and access management becomes increasingly paramount, this strategic acquisition positions Thoma Bravo at the forefront of shaping the industry’s future.

With the completion of this high-value transaction, the technology sector witnesses yet another noteworthy shift in its competitive landscape, as Thoma Bravo reinforces its position as a prominent player in fostering innovation and growth within the cybersecurity domain.