Messages so private Holding group Thoma Bravo is Acquired Ping Identity for $2.8 billion in Cash collapsed earlier today, marking (at least for the time being) the beginning of the end of Ping’s life as a public company.
Thoma Bravo will pay $28.50 per share in an all cash transaction, a price TechCrunch found is a roughly 63% premium to the company’s pre-announcement stock price. News of the sale surfaced after Ping reported income that missed both profit and sales estimates in the second quarter.
Given that M&A activity has been subdued compared to the blistering pace of 2021, the deal is drawing attention. To better understand the transaction, we’ll dive into Ping’s numbers to see what the selling price can tell us about the value of software companies today, and then examine the identity market itself, which is part of the technology space with multiple public players and a recent history of falling values.
What you’re buying today for $2.8 billion
Since Ping announced its earnings at the same time it sold it to Thoma Bravo, we can directly compare its recent results to the newly announced sale price.
What does $2.8B buy you in today’s market? – TechCrunch Source link What does $2.8B buy you in today’s market? – TechCrunch