Ping Identity

exited

Software — Vista Equity Partners → Thoma Bravo

Deal Terms

Entry Year2016

Entry EV$0.6B

Entry Multiple10x

Leverage5x

Debt Amount$0.3B

Outcome

Exit Year2022

Risk Metrics

LTV (est.)50%

Debt / EV0.50x

Notes

Vista bought identity security firm for ~$600M (2016). IPO'd 2019. Thoma Bravo took private again for $2.8B (2022). Triple PE cycle. Identity security is a growth market but serial PE flips extract value at each stage. Thoma Bravo now loading fresh debt.

Sponsor

Partners Group$185B AUM