A Battered Stock, a Bargain Buyout, and the Identity-Software Sector Gets a New Look
Summary
On Wednesday, Ping Identity which sells identity-security software, announced a deal to be acquired by Thoma Bravo for $28.50 a share, or $2.8 billion. Ping went public at $15 a share in September 2019 and sold for an eye-popping 63% premium to Tuesday’s closing price. BTIG Holdings analyst Gray Powell notes that Thoma Bravo is paying about 6.5 times expected 2023 sales. Okta a Ping rival, trades for 6.8 times, while ForgeRock another peer, for 5.8. The SailPoint deal, Powell adds, was priced at just over 10 times 2023 sales.
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