Thoma Bravo, a software investment firm, has acquired Ping Identity, a provider of intelligent identity services for enterprise customers.

Thoma Bravo is paying $28.50 per share in an all-cash transaction, valuing the deal at an enterprise value of$2.8 billion. Vista Equity, a minority shareholder in Ping, has voted in favor of the deal.

“A tectonic shift is occurring in intelligent identity solutions for the enterprise,” said Seth Boro, a managing partner at Thoma Bravo. “Ping Identity’s unique capabilities and strong position in enterprise identity security make it a great platform to deliver customer outcomes, expand into new use cases and support digital transformations. We are highly impressed with the talented Ping Identity team and look forward to working collaboratively in the years to come.”

Goldman Sachs & Co. LLC is acting as exclusive financial advisor and Kirkland & Ellis LLP served as legal advisor to Ping Identity. Goodwin Procter LLP is serving as legal counsel to Thoma Bravo.