PING - Ping Identity shares surge 60% on Thoma Bravo acquisition

• Ping Identity Holding ( NYSE: PING ) saw its shares rocket up by 60% Wednesday as the identity authentication software company said it had agreed to be acquired by Thoma Bravo for $2.8B in cash.
• Ping ( PING ) specializes in software that businesses use to prevent fraud and protect individuals' passwords and personal data. In a statement announcing the deal, Thoma Bravo managing partner Seth Boro praised Ping ( PING ) for what he called its "strong position in enterprise identity security" as "a tectonic shift if occurring in intelligent identity solutions" for businesses.
• Under terms of the deal, Thoma Bravo will pay $28.50 a share for all of Ping's ( PING ) outstanding stock. The price represents a 63% premium over Ping's ( PING ) Tuesday closing price.
• Thoma Bravo said the acquisition is expected to close in the fourth quarter of this year.
• Late Tuesday, Ping ( PING ) reported second-quarter results that fell short of Wall Street's expectations .

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