Thoma Bravo, a software investment firm, has purchased ForgeRock, a global digital identity service provider for $23.25 per share, in an all-cash transaction valued at approximately $2.3 billion.

ForgeRock’s services work to help people access the connected world simply and safely. The offer represents a premium of approximately 53% over ForgeRock’s closing share price on October 10, 2022, the last full trading day prior to the transaction announcement, and a premium of approximately 44% over the volume weight average price of ForgeRock stock for the 30 days ending October 10, 2022. At close, ForgeRock’s common stock will no longer be publicly listed and ForgeRock will become a privately held company.

“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,” comments 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.”

J.P. Morgan is acting as financial advisor to ForgeRock and Wilson Sonsini Goodrich & Rosati PC, is acting as legal counsel to ForgeRock. Kirkland & Ellis LLP is acting as legal counsel to Thoma Bravo.