Mark McClain, co-founder and CEO of Sailpoint Technologies Holdings, rings the opening bell to celebrate his company’s initial public offering on the New York Stock Exchange (NYSE) in New York, November 17, 2017.
Brendan McDermid | Reuters
US private equity giant Thoma Bravo has acquired SailPoint in a cash deal valued at about $6.9 billion, the cybersecurity firm announced Monday.
Thoma Bravo’s deal to take the company private underscores the growing demand for enterprise security software. Several companies are still working remotely due to the pandemic, and the war between Russia and Ukraine has further fueled fears of cyberattacks.
Thoma Bravo will pay $65.25 per share in cash, sending Sailpoint stock up nearly 30% this morning.
Founded in 2005, SailPoint provides identity and access management software to help organizations mitigate security risks. The company went public in 2017.
SailPoint founder and CEO Mark McClain said in a statement the transaction will allow the company to continue on its long-term growth trajectory with greater flexibility, expand its markets and accelerate innovation in the industry.
It is the latest in a series of acquisitions for Thoma Bravo. It follows the $10.7 billion acquisition of Anaplan, an enterprise software company. Last year, the company acquired cybersecurity company Proofpoint for about $12.3 billion. The company has 24 safety-focused companies in its portfolio, including SailPoint, according to the company’s website.
The deal with SailPoint is expected to close in the second half of 2022. SailPoint’s board of directors has approved the deal, but it remains subject to shareholder approval and regulatory review. Morgan Stanley is acting as financial advisor.
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