Ping Identity (Thoma Bravo LBO)

active

Software / Cybersecurity — Thoma Bravo

Deal Terms

Entry Year2022

Entry EV$2.8B

Entry Multiple10x

Leverage5x

Debt Amount$1.4B

Risk Metrics

LTV (est.)50%

Debt / EV0.50x

Notes

$2.8B take-private (2022). Third PE owner: Vista (2016) -> IPO (2019) -> Thoma Bravo (2022). Identity security SaaS. Part of Thoma Bravo's IAM empire alongside SailPoint and ForgeRock. Triple PE cycle. Each owner loads debt and extracts fees. Microsoft Entra ID is the competitive threat.

Sponsor

Thoma Bravo$166B AUM