Thoma Bravo, the software investment firm, has agreed to acquire SailPoint Technologies Holdings Inc., an identity security firm for $6.9 billion in an all cash transaction.

SailPoint stockholders are set to receive $65.25 per share in cash. Upon closing of the deal, SailPoint will be a privately held company. The acquisition will help SailPoint expand its operating systems and upscale its software expertise.

Mark McClain, CEO and Founder of SailPoint, 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.”

The transaction is on track to close the second half of 2022. When the transaction closes, SailPoint’s common stock will no longer be listed on any public market.

Morgan Stanley & Co. LLC is serving as financial advisor and Goodwin Procter LLP is serving as legal counsel to SailPoint. Kirkland & Ellis LLP is serving as legal counsel to Thoma Bravo.