(Bloomberg) — Investment firm Thoma Bravo has agreed to acquire cyber security company Sailpoint Technologies Holdings Inc. for $6.9 billion, according to a statement Monday.
Thoma Bravo is paying $65.25 per share in cash for the Austin-based company, which represents a 48% premium to the company’s 90-day, volume-weighted average price, the statement showed.
The deal includes a so-called go-shop period that will let Sailpoint solicit other offers through the end of May 16.
“Sailpoint is ideally positioned to capitalize on the large and growing demand from modern enterprises for robust identity security solutions that secure their business and reduce risk,” Seth Boro, a managing partner at Thoma Bravo, said in a statement.
Sailpoint rose more than 29% to $64.01 at 11:33 a.m. in New York on Monday, giving the company a market value of about $6 billion.
Sailpoint won’t be a new investment for Thoma Bravo. It previously backed Sailpoint and took the company public in 2017.
(Corrects Sailpoint name in fourth paragraph)
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