Thoma Bravo Completes $2.3 Billion Acquisition of ForgeRock
In a major deal that will reshape the Identity and Access Management market, Thoma Bravo has successfully completed its acquisition of ForgeRock in an all-cash transaction worth approximately $2.3 billion. The acquisition agreement, which was previously announced on October 11, 2022, has been widely anticipated in the industry.
The acquisition received approval from ForgeRock stockholders at a meeting in January 2023. Under the terms of the deal, ForgeRock stockholders will receive $23.25 in cash for each share of ForgeRock common stock they owned. As a result of the acquisition, ForgeRock’s class A common stock will no longer trade on the New York Stock Exchange.
Thoma Bravo has wasted no time in integrating ForgeRock into its portfolio company Ping Identity. The combined company aims to provide enhanced products and services, broader geographic support, and increased innovation to better serve customers in the Identity and Access Management market. This move is expected to create a stronger player in the industry.
J.P. Morgan acted as ForgeRock’s exclusive financial advisor during the acquisition process, while Wilson Sonsini Goodrich & Rosati, P.C. provided legal counsel to the company. On the other hand, Thoma Bravo received legal counsel from Kirkland & Ellis LLP and Fried, Frank, Harris, Shriver & Jacobson LLP.
ForgeRock is a leading provider of solutions that help people access the connected world safely. Its widely adopted ForgeRock Identity Platform is used by over 1,300 organizations. Ping Identity, on the other hand, specializes in offering identity solutions that make digital experiences secure and seamless.
Thoma Bravo, with over $127 billion in assets under management, is one of the largest software investors in the world. The firm focuses on investing in growth-oriented companies in the software and technology sectors. The acquisition of ForgeRock is expected to further solidify Thoma Bravo’s position in the market.
While the future looks promising for the combined company, it is important to note that ForgeRock’s actual results following the merger may differ from the forward-looking statements made in this press release. As with any major business transaction, there are inherent risks and uncertainties involved. ForgeRock has outlined these risks in detail in its filings with the Securities and Exchange Commission (SEC).
Overall, Thoma Bravo’s acquisition of ForgeRock marks a significant development in the Identity and Access Management market. Customers can expect a more robust offering from the combined company, which will likely have a positive impact on the industry as a whole.
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