Thoma Bravo to buy SailPoint in $6.9bn deal, shares surge
Software investment firm Thoma Bravo has agreed to buy cybersecurity firm SailPoint in a $6.9bn deal.
Under the terms of the agreement, SailPoint shareholders will receive $65.25 per share in cash, which is a premium of 48% to the 90-day volume-weighted average price .
SailPoint chief executive and founder Mark McClain said: "Identity security is core to cyber security and businesses have realized that to fuel business growth and success, they must start with identity as the foundation for secure business transformation. We've experienced rapid growth and see a tremendous opportunity ahead of us to continue to set the pace in the identity security market as the category leader.
"This transaction delivers significant immediate cash value to our stockholders and maximizes the value of their shares. 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. Thoma Bravo’s belief in our vision for identity security aligns strongly with our desire to accelerate and extend our leadership for years to come."
Sailpoint shares surged on news of the takeover and by 1530 BST, they were up 29% at $63.96.
The deal, which has been unanimously approved by SailPoint’s board of directors, is expected to close in the second half of the year. It still requires shareholder and regulatory approvals.