Why ForgeRock (FORG) Shares Are Trading Higher Today

Leading software investment firm Thoma Bravo agreed to acquire global digital identity leader ForgeRock, Inc FORG in an all-cash transaction valued at $2.3 billion.
The offer price of $23.25 per share represents a premium of 53% over ForgeRock's closing share price on October 10, 2022, the last full trading day before the transaction announcement.
The transaction, unanimously approved by the ForgeRock Board, will likely close in the first half of 2023.
"Identity-centric cybersecurity solutions are a critical enabler for businesses to digitally transform their operations, and ForgeRock's solutions combine both the advanced security and customer usability needed in the market," said Chip Virnig, a Partner at Thoma Bravo. "We look forward to partnering with ForgeRock to leverage our deep sector expertise and support the company to capitalize on this tremendous market opportunity."
ForgeRock reported second-quarter revenue growth of 8% year-on-year to $47.7 million, beating the consensus of $47.2 million.
EPS loss of $(0.17) beat the consensus of $(0.21).
Price Action: FORG shares traded higher by 49.2% at $22.62 on the last check Tuesday.

ForgeRock Share Prices Shoot Up On Takeover Offer At 53% Premium