This deal will have Thoma Bravo acquiring Ping Identity for $28.50 per share in cash. That represents a 63% premium to the closing price of PING stock when markets closed on Tuesday. It’s also a 52% premium over the stock’s volume weighted average price for the previous 60 days.
Ping Identity’s Board of Directors has already approved the acquisition deal to take the company private. Now it just needs approval from regulators and shareholders of PING stock. Vista Equity Partners, which has a 9.7% stake in PING, has agreed to vote in favor of the deal.
Seth Boro, a managing partner at Thoma Bravo, said the following about the acquisition deal:
Ping Identity’s unique capabilities and strong position in enterprise identity security make it a great platform to deliver customer outcomes, expand into new use cases and support digital transformations. We are highly impressed with the talented Ping Identity team and look forward to working collaboratively in the years to come.
PING Stock: Q2 Earnings Were Also Released Today
It’s also worth noting this acquisition news comes alongside the company’s second-quarter earnings report. It missed adjusted earnings per share estimates of -13 cents with its -34 cents reported. Its revenue of $72.03 million also failed to reach Wall Street’s estimate of $73.16 million.
PING stock is seeing heavy trading with 21 million shares on the move as of this writing. That’s well above its daily average trading volume of about 928,000 shares.
PING stock is up 59.7% as of Wednesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.