Private equity firm Thoma Bravo announced on Tuesday that it has entered a definitive agreement to acquire identity and access management (IAM) solutions provider ForgeRock (NYSE: FORG) for $2.3 billion in cash.
Thoma Bravo is prepared to pay $23.25 per share for ForgeRock, which represents a 53% premium over the company’s closing share price on October 10, and a premium of 44% over the volume weighted average price of the company’s stock for the 30 days leading up to October 10.
The transaction is expected to close in the first half of 2023. ForgeRock will become a privately held company and its stock will no longer be publicly listed.
ForgeRock’s identity security and management platform provides orchestration, access control and governance capabilities. The company says its solutions are used by more than 1,300 organizations.
In its financial report for the second quarter of 2022, ForgeRock announced an ARR of $201 million, a revenue of $47 million, and operating and net losses of roughly $22 million.
This is the third identity-related multi-billion-dollar cybersecurity deal announced by Thoma Bravo this year. In April, it announced buying SailPoint for $6.9 billion and in August it announced the acquisition of Ping Identity for $2.8 billion.
This year it also sold Barracuda Networks to investment giant KKR, reportedly for $4 billion.