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Ping Identity (NYSE: PING) Enters into Agreement to be Acquired for $2.8 Billion by Thoma Bravo, Reports Second Quarter 2022 Financial Results

Ping Identity Holding Corp. (NYSE: PING) is engaged as a cybersecurity company that is focused on providing intelligent identity solutions for enterprise applications. Shares of the cybersecurity firm shot up 60% during trading on Wednesday, August 3, 2022. Over the past three months, Ping Identity has seen average daily volume of 926,120 shares. However, volume of 30.08 million shares or dollar volume of around $842.24 million, exchanged hands during Wednesday’s trading session.

Shares of Ping Identity surged after the company announced that it had entered into a definitive agreement to be acquired by Thoma Bravo, a software-focused private equity firm. Under the terms of the agreement, Thoma Bravo will pay Ping Identity shareholders $28.50 per cash in an all-cash deal that values the company at an enterprise value of $2.8 billion. Thoma Bravo’s offer represents a 63% premium compared to PING’s closing price as of August 2, 2022.

The transaction remains subject to Ping Identity shareholder and regulatory approvals. However, the two companies estimate the transaction will close sometime during the fourth quarter of 2022. Upon closing of the acquisition, Ping Identity will become a privately-held company and will delist from the New York Stock Exchange.

“This compelling transaction is a testament to Ping Identity’s leading enterprise identity solutions, our talented team, and our outstanding customers and partners,” said Andre Durand, Ping Identity’s Chief Executive Officer. “Identity security and frictionless user experiences have become essential in the digital-first economy and Ping Identity is better positioned than ever to capitalize on the growing demand from modern enterprises for robust security solutions. We are pleased to partner with Thoma Bravo, which has a strong track record of investing in high-growth cloud software security businesses and supporting companies with initiatives to turbocharge innovation and open new markets.”

In addition to the acquisition announcement, Ping also released second quarter 2022 financial results. On the positive side, the company reported 22% year-over-year growth in annual recurring revenue (ARR) to $341 million. Total revenue for the second quarter came in at $72 million, with its SaaS business growing sales 69% compared to Q2 2021.

However, the company’s bottom line results were not so rosy. The company reported a loss from operations of $40.91 million and an overall net loss of $47.85 million. This compares to Q2 2021, which saw a loss of $15.15 million from operations and a net loss of $10.98 million. Cost of revenue has risen year-over-year, which was a contributing factor in the widening loss.

“Ongoing ARR growth acceleration and demand for our services led to a strong first half of the year. We were excited to see SaaS ARR exceed $100 million, as growth in the quarter was once again highlighted by expansion of our cloud solutions,” said Andre Durand, Ping Identity’s Chief Executive Officer. “As customers buy in to our hybrid cloud platform vision, we had a record number of customer wins that each exceeded half a million dollars in ARR. As we look to the second half of the year, we remain focused on maturing our cloud platform, supporting our channel partners, and winning in the customer use case.

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