Identity expert SailPoint is making waves this week. The Texas-based company has agreed to be acquired by private equity firm Thoma Bravo.
The all-cash deal, which values SailPoint at $6.9 million, will take the company private. SailPoint debuted on the New York Stock Exchange under the ticker SAIL in 2017. As part of the transaction, SailPoint stockholders will receive $65.25 per share, which represents a premium of 48% to the company’s 90-day volume-weighted average price.
SailPoint cited multiple benefits of the new arrangement. As a private firm, the company will have increased flexibility and resources to provide identity security solutions. Additionally, SailPoint can now tap into Thoma Bravo’s operating capabilities, capital support, and software expertise. “The transaction will also allow us to pursue 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 backing of a strong financial partner with deep sector expertise,” said SailPoint Founder and CEO Mark McClain.
The deal comes at a time of increased interest in cybersecurity. Because many employees are still working at home after the pandemic, fraudulent attackers are taking advantage of increased security vulnerabilities. Additionally, experts have warned of potential cyber threats arising from the Russia-Ukraine war.
“SailPoint is ideally positioned to capitalize on the large and growing demand from modern enterprises for robust identity security solutions that secure their business and reduce risk,” said Thoma Bravo Managing Partner Seth Boro. “Their market-leading identity security platform provides the autonomous and intelligent approach that the market requires today, especially among larger enterprises and as hybrid working becomes more common.”
The transaction is expected to close in the second half of 2022.
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