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Thoma Bravo Set to Acquire SailPoint Technologies (NYSE: SAIL) for $6.9 Billion or $65.25 Per Share in Cash

by admin

April 11, 2022

in Technology

SailPoint Technologies NYSE SAIL Thoma Bravo Acquisition Spotlight Growth

SailPoint Technologies Holdings, Inc. (NYSE: SAIL) operates as a leading cybersecurity and enterprise identity security provider. Shares of the cybersecurity company are rallying 29% through early trading on Monday, April 11, 2022. Over the past three months, SailPoint Technologies has seen average daily volume of 1.21 million shares. However, volume of 22.91 million shares or dollar volume of around $1.47 billion, has already exchanged hands through early trading.

Shares of SailPoint Technologies are gaining after the company announced that it has entered into a definitive agreement to be acquired by Thoma Bravo, a software-focused investment firm, for $6.9 billion or $65.25 per share in cash. The offer represents a 48% premium compared to SailPoint’s 90-day volume-weighted average price (VWAP).

If the acquisition closes, SailPoint will become a private company and expand synergies with Thoma Bravo and its additional holdings and resources. The deal still requires shareholder approval to become finalized, as well as other customary conditions. In addition, the agreement gives SailPoint the opportunity to “go-shop” for potential alternative acquisition deals, which will expire on May 16, 2022. If all conditions are met and shareholders vote to approve the takeover, the transaction is expected to close during the second half of 2022.

“Identity security is core to cyber security and businesses have realized that to fuel business growth and success, they must start with identity as the foundation for secure business transformation. We’ve experienced rapid growth and see a tremendous opportunity ahead of us to continue to set the pace in the identity security market as the category leader,” said Mark McClain, CEO and Founder, SailPoint. “This transaction delivers significant immediate cash value to our stockholders and maximizes the value of their shares. The transaction will also allow us to pursue our long-term growth trajectory with greater flexibility and effectiveness to support our customers, expand our markets, and accelerate innovation in identity security with the backing of a strong financial partner with deep sector expertise. Thoma Bravo’s belief in our vision for identity security aligns strongly with our desire to accelerate and extend our leadership for years to come.”

Disclosure: No position. Spotlight Growth has no relationships with any of the companies mentioned in this article and did not receive payment in any form for its creation. This is an opinion article and is not meant to be financial advise. We are not broker-dealers or investment professionals. Please conduct your own due diligence. For more information on our disclosures, please visit: https://spotlightgrowth.com/disclosures/