- 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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