Just last month we reported on US private equity giant Thoma Bravo after it paid $10.7 billion to acquire Anaplan, a rival of SAP and an enterprise software company founded in an English barn became. In just three weeks, the company made its second acquisition.
Today, Thoma Bravo acquired cybersecurity company SailPoint in a cash deal valued at approximately $6.9 billion. In an announcement on its website, SailPoint said it “has entered into a definitive agreement to be acquired by Thoma Bravo, a leading software investment firm, in an all-cash transaction that values SailPoint at approximately $6.9 billion.”
This purchase is the latest in a series of acquisitions for Thoma Bravo. In addition to the $10.7 billion purchase of Anaplan, the company also acquired cybersecurity company Proofpoint for approximately $12.3 billion. According to the company’s website, Thoma Bravo has 24 security-focused companies in its portfolio, including SailPoint.
Founded in 2005 by Kevin Cunningham and Mark McClain and based in Austin, Texas, the company is an identity and access management provider that helps organizations mitigate security risks and manage user access from any device.
“Identity security is at the core of cybersecurity, and organizations have recognized that they must start with identity as the foundation for secure business transformation to fuel their organization’s growth and success. We have experienced rapid growth and see a tremendous opportunity ahead of us to continue to set the pace in the identity security market as an industry leader,” said Mark McClain, CEO and Founder of SailPoint.
“This transaction provides our shareholders with significant immediate cash value and maximizes the value of their shares. The transaction will also allow us to continue on our long-term growth trajectory with greater flexibility and effectiveness to support our customers, expand our markets and accelerate innovation in identity security with the support of a strong financial partner with deep industry expertise. Thoma Bravo’s belief in our identity security vision aligns strongly with our desire to accelerate and expand our leadership position for years to come.”
“SailPoint is ideally positioned to capitalize on the significant and growing demand from today’s enterprises for robust identity security solutions that secure their business and reduce risk,” said Seth Boro, Managing Partner at Thoma Bravo. “Their market-leading identity security platform provides the autonomous and intelligent approach that the market demands today, especially at larger organizations and as hybrid working becomes more prevalent. We look forward to partnering with Mark and his talented team to drive SailPoint’s next growth chapter.”
The SailPoint transaction is expected to close in the second half of 2022. SailPoint’s board of directors has approved the transaction, but it remains subject to shareholder approval and regulatory review. Morgan Stanley is acting as financial advisor.