Thoma Bravo spends $2.3 billion to acquire ForgeRock

Thoma Bravo spends $2.3 billion to acquire ForgeRock

ForgeRock, an identity management service provider, is being acquired by private equity firm Thoma Bravo.

ForgeRock recently caught the eye of Thoma Bravo. The identity management service provider announced that Thoma Bravo bid $2.3 billion for an all-cash buyout. The acquisition amount has skyrocketed the value of the company’s stock to $23.25 per share, 53 percent up from the closing value on Monday. Thoma Bravo expects to complete the acquisition process in the first half of 2023.

Future of ForgeRock

ForgeRock is a San Francisco-based firm specializing in identity management software. Its services are used by over 1,300 clients, which include large enterprises and government departments. ForgeRock’s software allows companies to regulate access to their technology infrastructure.

The company has assisted clients in implementing multifactor authentication and even passwordless login to simplify security processes and improve the customer experience. Customers highly regard data privacy and convenience, and ForgeRock’s software addresses both concerns.

Thoma Bravo strikes thrice

The company was experiencing year-on-year growth of 8 percent and saw massive success in the stock exchange. This success attracted Thoma Bravo to the point where it decided to acquire the organization for a hefty amount. Once the acquisition is finalized, ForgeRock will be the third identity management service provider acquired by Thoma Bravo since the start of the year.

“We are confident that Thoma Bravo’s resources and insights will help us continue to drive innovation in our platform and deliver even more value for customers”, ForgeRock CEO Fran Rosch said. Time will tell if and how the acquisition benefits Thoma Bravo and ForgeRock.

Tip: Thoma Bravo acquires Ping Identity for €2.8 billion