FGS Global represents private equity firm Thoma Bravo as it agrees to buy ForgeRock digital identity platform for $2.3B.
The all-cash $23.25 per share offer is a 53 percent premium over ForgeRock’s Oct. 10 closing stock price.
Chip Virnig, Thoma Bravo partner, said identity-centric cybersecurity solutions are critical enablers for businesses to transform their operations and ForgeRock has the tools that “combine both the advanced security and customer usability needed in the market.”
ForgeRock posted $48M in revenues and a $22M loss for the June 30-ended quarter.
CEO Fran Rosch blamed the lackluster performance on an “uncertain macro environment [which] has presented us with challenges such as longer deal cycles and FX headwinds.’
FGS Global has Liz Micci and Nicky Bryan represents Thoma Bravo, which has $122B in assets under management.