PING - SailPoint acquisition could lead to other cyber security deals Wedbush says (update)

Update 9:42am: Updates shares, adds Piper Sandler comment on other potential takeout candidates. Private equity firm Thoma Bravo's Monday announcement that it was acquiring cyber security firm SailPoint Technologies (NYSE:SAIL) for $65.25 per share in cash is an event that could lead to other acquisitions in the space, Wedbush Securities said. Analyst Dan Ives, who has an outperform rating on SailPoint (SAIL), noted that the deal represents an 11x revenue multiple and given the importance of cyber security, it is a "smart strategic move" for the private equity firm, which has made previous acquisitions in the space, including Proofpoint, which it purchased for $12.3 billion last April. Coupled with the trend of employees working from home as the pandemic goes into its third year, there are "added growth tailwinds" for the cyber security sector, Ives added. SailPoint (SAIL) shares rose nearly 29% in trading on Monday.  Some other stocks that Ives

For further details see:

SailPoint acquisition could lead to other cyber security deals, Wedbush says (update)