Software buyout firm Thoma Bravo has agreed a $2.3 billion all-cash deal to take ForgeRock private just over a year after the digital identity management company went public, according to a report by Reuters.
ForgeRock shareholders will receive $23.25 for each share held, which represents a premium of about 53.4% to the stock’s last closing price. The company’s stock has been trading well below its $25 per share IPO price having fallen over 43% so far in 2022.
Prior to its public listing in 2021, ForgeRock had raised over $230 million in growth capital from investors, including Accel, KKR & Co and Riverwood Capital.
The deal is expected to close in the first half of 2023.