Investment Firm Thoma Bravo Eyes Cash Offer for UK Cybersecurity Firm Darktrace

British cybersecurity firm Darktrace is reportedly considering a cash offer from tech investment firm Thoma Bravo, Reuters wrote.

According to Darktrace, the discussions were still in the very nascent stages, with no certainty of an offer.

Neither Darktrace nor Thoma Bravo replied to a request for comment from PYMNTS.

According to the report, Thoma Bravo has until Sept. 12 to announce a firm intention to either make an offer or decline one, per the City Code on Takeovers and Mergers.

Thoma Bravo has made some other acquisitions lately, including buying identity security platform Ping Identity for around $2.4 billion, PYMNTS wrote.

Read more: Thoma Bravo Closes $2.4B Acquisition Deal for Ping Identity

“This compelling transaction is a testament to Ping Identity’s leading enterprise identity solutions, our talented team, and our outstanding customers and partners,” said Ping Identity CEO Andre Durand, adding that there are now new things required in the digital economy, including identity security and frictionless experiences for users.

He said Ping Identity “is better positioned than ever to capitalize on the growing demand from modern enterprises for robust security solutions.”

Ping Identity’s authentication and security services are used by big businesses like Chevro and HP.

This will see Thoma Bravo expanding its investment in cybersecurity, after the company also bought Sophos, Proofpoint and SailPoint Technologies.

Thoma Bravo bought SailPoint for $6.9 billion, and also bought fintech Bottomline Technologies in May, for $2.6 billion.

By buying Ping Identity, Thoma Bravo is likely looking at rounding out its other recent acquisitions.

Rudy Kessenger, an analyst with D.A. Davidson, said the numerous companies Thoma Bravo has bought could all be “stitched together as an all-in-one identity platform at some point.”

Ping was founded in 2002 and has a headquarters in Denver, Colorado. The company provides cloud identity security solutions. Thoma Bravo was founded in 2008 and is headquartered in Chicago.