Ping Identity Financial Results; Thoma Bravo Security Investments
Ping also announced Q2 2022 financial results. Total revenue was $72 million -- down from $78.9 million in Q2 of 2021. The company's net loss was $47.9 million, larger than an $11 million net loss in the corresponding quarter last year.Meanwhile, Thoma Bravo has extensive experience in and around the cybersecurity market, and is a familiar name in the MSP software sector. The private equity firm also owns:- identity security company SailPoint Technologies;
- email security firm Proofpoint;
- MSP software providers ConnectWise and N-able; and
- MSP-friendly security company Sophos.
Thoma Bravo Acquires Ping Identity: Executive Perspectives
In a prepared statement about the deal, Ping Identity CEO Andre Durand said:"This compelling transaction is a testament to Ping Identity's leading enterprise identity solutions, our talented team, and our outstanding customers and partners. 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."
"A tectonic shift is occurring in intelligent identity solutions for the enterprise. Ping Identity's unique capabilities and strong position in enterprise identity security make it a great platform to deliver customer outcomes, expand into new use cases and support digital transformations. We are highly impressed with the talented Ping Identity team and look forward to working collaboratively in the years to come."
"Ping Identity is a leader in intelligent identity solutions for the enterprise and is well-positioned to capitalize on the significant opportunities in the $50 billion Enterprise Identity security solutions area. Our shared commitment to growth and innovation, combined with Thoma Bravo's significant security software investing and operational expertise, will enable Ping Identity to accelerate its cloud transformation and delivery of industry leading identity security experiences for the customers, employees and partners of large enterprises worldwide."
"This transaction is a great outcome, and one we firmly believe maximizes value for all stakeholders. We wish Andre and the entire Ping Identity team continued success and thank them for their commitment and partnership over the last six years."
