Thoma Bravo Acquires Cybersecurity Firm SailPoint Technologies for $6.9B

Private equity firm Thoma Bravo is acquiring cybersecurity firm SailPoint Technologies for $6.9 billion to improve its standing in a growing space that’s attracting increasing attention, according to a press release Monday (April 11).

Thoma Bravo manages was the majority stakeholder in SailPoint prior to its initial public offering in 2017, before selling its stake in 2018.

SailPoint shareholders will get $65.25 per share in cash as part of the acquisition, the company said, 48% higher than the firm’s 90-day volume-weighted average price. The deal is valued at about $6.9 billion, including debt, and is expected to close in the second half of the year.

“We’re about 10% penetrated in our target market,” said SailPoint’s Chief Executive Officer Mark McClain in a Reuters report. “We have a lot of room to grow in terms of what we add to our portfolio.”

SailPoint specializes in software related to identity and access management that helps businesses get rid of unwanted user access and reduce the risk of the leakage of sensitive data, according to the report.

Related: Only One-Third of Businesses Are ‘Very Satisfied’ With Their Current Cybersecurity Defenses

PYMNTS’ “Risk And Resilience” report, a collaboration with TreviPay, showed that 32% of businesses are “very” or “extremely” satisfied with their current anti-fraud methods, based on a survey of 150 executives at companies with $10 million to $1 billion in annual revenues.

Another 41% of businesses are “moderately” satisfied with their current digital identity verification and fraud prevention methods, while 27% are “slightly” or “not at all” satisfied.