Ping Identity
The identity company Thoma Bravo bought, merged with ForgeRock and then borrowed against: about $800M of recurring revenue, four years into a buyout, with an exit still unannounced.
Biometric Update, Oct 31, 2025- Valuation
- $2.8B + $2.3B what Thoma Bravo paid for Ping (2022) and ForgeRock (2023). No price for the combined company since.
- Revenue
- Near $800M ARR as of Sep 30, 2024, per the company; SaaS ARR up 31% in a year.
- Debt
- $1.8B loan (reported) Oct 2025 refinancing that also paid owners a reported $1.12B dividend.
- Watch
- Year four of the buyout Taken private Oct 2022. No sale or IPO process reported as of Nov 2026.
- AI
- Selling identity for agents MCP servers, Google Cloud agents, and controls for Claude agents, all shipped in 2026.
- Liquidity
- None public No tender offer or staff equity plan details found since the buyout. Staff equity, if any, likely pays out only at an exit.
- Hiring
- 38 → 61 remote listings since Oct 10.
Subscriptions to log people and agents in, safely.
Ping sells identity software to large companies: sign-on, multi-factor login, access control and fraud checks for staff, customers and now AI agents, in the cloud or on customer servers. Over half the Fortune 100 are customers, it says. No revenue split is published.
Ping Identity, Nov 14, 2024- 1Already inside the biggest companiesOver half the Fortune 100 and more than 8 billion accounts secured, per the company in Nov 2024.Ping Identity, Nov 14, 2024
- 2Analysts keep ranking it a leaderLeader in Gartner's Access Management Magic Quadrant nine years running, and in the first separate customer identity (CIAM) Quadrant in Oct 2026, highest on ability to execute.Ping Identity, Oct 30, 2026
- 3Cloud and on-premises, which pure cloud rivals skipIts platform supports cloud, hybrid and on-prem setups. ForgeRock added more than 1,300 organizations on that kind of software.Thoma Bravo, Aug 23, 2023; Ping release Sep 1, 2026
- Microsoft$3876Blisted, Oct 30 close
- Okta$36.4Blisted, Oct 30 close
- SailPoint$12.0Blisted, Oct 30 close
- Ping Identity$2.80BTake-private by Thoma Bravo, Oct 18
Private values are the last reported round; they can be stale. Listed values are market value. Bars start at zero.
Every round, and what its terms give away.
Ping Identity is private, so there is no share price. What its investors paid, and on what terms, is the closest thing to one.
- $2.80B
- latest valuation, Take-private by Thoma Bravo Oct 18
- $800M
- ARR, as of Sep 30
- 2,000
- employees, as reported
Not disclosed. The company said it was approaching $800M ARR; SaaS ARR grew 31% and new bookings 33% year to date. Total ARR growth was not given.
Ping Identity, Nov 14, 2024 (nearly 2,000 staff)- Oct 30Debt refinancing and dividend (reported)$1.80BLed by JPMorgan (arranger)Reported $1.8B syndicated loan to repay a $792M private loan and pay a $1.12B dividend to Thoma Bravo funds. Expected to cut interest by over $10M a year. Unnamed source via Bloomberg.Biometric Update, citing Bloomberg, Oct 31, 2025
- Aug 23Merger: ForgeRock bought and folded in$2.30BLed by Thoma BravoAll cash, $23.25 a share, announced Oct 2022 and closed ten months later. ForgeRock delisted from the NYSE.Thoma Bravo, Aug 23, 2023
- Oct 18Take-private by Thoma Bravo$2.80B at $2.80BLed by Thoma Bravo. About 100% of the company, if all new sharesAll cash, $28.50 a share, a 63% premium to the Aug 2, 2022 close. $2.8B is enterprise value. Delisted from the NYSE.Ping Identity, Aug 3 and Oct 18, 2022
- Aug 10Buyout loan (reported)$1.00BLed by Blue Owl and Sixth StreetRoughly $1B unitranche private loan sized on recurring revenue, with Apollo, Ares, Blackstone and HPS. People with knowledge of the matter.Bloomberg Law, Aug 10, 2022
- Sep 18IPO (NYSE: PING)$188MLed by Goldman Sachs and others (underwriters)12.5M shares at $15. Owner Vista Equity Partners stayed in; it held about 9.7% by the 2022 sale.Ping Identity, Sep 18, 2019
- Jun 1Buyout by Vista Equity PartnersLed by Vista Equity PartnersPrice not disclosed. Ping had raised about $128M of venture money, last a $35M Series G led by KKR in 2014.Fortune, Jun 1, 2016
- Time since the buyoutJust over four years (Oct 2022). Vista held Ping about six years before selling. No sale, IPO filing or banker hire for Ping has been reported; we searched news to Nov 3, 2026.Ping Identity, Oct 18, 2022; news search Nov 3, 2026Open
- Debt loadA reported $1.8B loan in Oct 2025, up from about $1B at the buyout, against ARR near $800M (about 2x, our arithmetic). Lenders were keen: the deadline was moved up and interest falls over $10M a year.Biometric Update, citing Bloomberg, Oct 31, 2025Flag
- Is the owner taking cash out?Yes, reportedly. About $1.12B of the new loan was to go to Thoma Bravo's funds as a dividend. Ping carries that debt; staff equity holders, if any, were not reported to share in it.Fintech News Switzerland, citing Bloomberg, Nov 10, 2025Flag
- Layoffs in the last 12 monthsSearched news Nov 2025 to Nov 2026: no Ping layoffs reported. Cuts after the ForgeRock merger in late 2023 appear only in anonymous forum posts, which we do not count as a source.Ping newsroom; news search Nov 3, 2026Clear
- Employee liquidityNo tender offer, secondary sale or description of the post-buyout staff equity plan has been published. Ask the recruiter what the plan is and what triggers a payout.Thoma Bravo; news search Nov 3, 2026Open
- Likely exit pathUnknown. Thoma Bravo relisted SailPoint in Feb 2025 at $23 a share (now below that) and reportedly explored selling Imprivata in Feb 2026.SecurityInfoWatch, Feb 2025; Biometric Update, Feb 2, 2026Open
Clear: checked, nothing found. Flag: found, with the source. Open: could not be checked.
Private since Oct 2022 (Thoma Bravo). No sale or IPO filing reported.
What the record says, and what we think it means.
The fact is the source's. The read, in italics, is ours.
- 01Watch
The owner borrowed against Ping to pay itself.
Biometric Update, citing Bloomberg, Oct 31, 2025In Oct 2025 a reported $1.8B loan led by JPMorgan was set to fund a $1.12B dividend to Thoma Bravo's funds and repay a $792M private loan.
Common in buyouts and a sign lenders trust the cash flow. It also means more debt to service if growth slows.
- 02Good
Bought a biometrics startup.
Biometric Update, Jan 7, 2026Ping closed its purchase of Keyless, a zero-knowledge biometrics company, in Jan 2026 after announcing it in Oct 2025. Terms not disclosed.
Adds face login that never stores a usable biometric. A typical buyout tuck-in.
- 03Neutral
A new revenue chief from Slack.
Biometric Update, Jan 7, 2026Adnan Chaudhry, a former Slack executive vice president, became chief revenue officer in Jan 2026, over sales, marketing, channels and revenue operations.
A new sales chief in year four of a buyout often signals a revenue push before an exit.
- 04Good
Built controls for staff using Claude agents.
Ping Identity, Sep 1, 2026Enterprise Personal Agent Access (Sep 1, 2026) finds personal agents such as Claude desktop and Claude Code, ties each to a user and device, and governs their actions. Ping also joined Anthropic's Project Glasswing.
Turns the shadow AI worry into a product. Being early here matters against Okta and Microsoft.
- 05Neutral
Its owner is shopping another identity company.
Biometric Update, Feb 2, 2026Thoma Bravo was reportedly working with JPMorgan and Evercore on a possible sale of Imprivata, at up to $7B or more, in Feb 2026.
Shows Thoma Bravo is cashing out of identity holdings. Ping could be next, but nothing has been reported.
- 06Watch
The last Thoma Bravo identity IPO trades below its price.
TradingView, Nov 3, 2026; SecurityInfoWatch, Feb 2025SailPoint relisted at $23 in Feb 2025, using proceeds partly to repay debt and pay Thoma Bravo advisory fees. It traded near $19 in early Nov 2026.
A Ping IPO might also pay down debt first. A weak SailPoint chart could tilt the owner toward a sale.
Customer is paid 3% under market. Sales, 12% under.
We save every company's roles, pay by team and level, AI share and churn every day, so each month this page can say more. Sparklines use their own scale.
Can AI agents do business with Ping Identity?
We checked the agent payment programs, developer docs and site rules an AI assistant would meet.
Among the most agent-ready security vendors. Agents can read its docs and manage its products, and it sells the controls for them.
Still Remote read- YesMCP servers for AI agentsThree: an Advanced Identity Cloud MCP server (local and hosted remote), a DaVinci MCP server, and a PingOne remote MCP server in early access. All sign in over OAuth with scoped tools.Ping developer docs, checked Nov 3, 2026
- YesDocs that AI tools can readllms.txt on pingidentity.com (a source-routing guide for agents), docs.pingidentity.com and developer.pingidentity.com, with Markdown copies of pages and a Docs for Agents guide.checked Nov 3, 2026
- YesLets AI crawlers read its siteNo AI bots named. robots.txt (dated Jan 2023) blocks only SemrushBot-BA fully and slows a few SEO crawlers.checked Nov 3, 2026
- YesIts own agents in an AI marketplaceThree identity agents for Gemini Enterprise on Google Cloud Marketplace since Sep 29, 2026; admin changes need explicit confirmation.Ping Identity, Sep 29, 2026
- YesControls on what agents can do, inside the big cloudsRuntime Identity plugs into Google Cloud Agent Gateway, Amazon Bedrock AgentCore and a Cloudflare Workers MCP server to check agent and MCP traffic as it happens.Ping Identity, Jun 16, 2026
Where Ping Identity puts AI to work.
- 1AI checks its own codePing says it took part in Anthropic's Project Glasswing, using advanced AI to harden its codebase and internal systems.Ping Identity, Sep 1, 2026
- 2Docs written for machines tooEvery docs site ships an llms.txt and Markdown copies of pages. No AI-linked layoffs reported.checked Nov 3, 2026
More listings than on Sep 7, most of them in sales.
What Ping Identity puts on its own channel.
Short videos from Ping Identity's official YouTube channel, played here. We only use a channel that links pingidentity.com and carries the company's name.
- A Message from Andre Durand | Ping YOUniverse 2025465 views
What has to be true for $2.8 billion to hold?
The starting revenue is Ping Identity's own reported figure. A way to think, not a forecast, and not investment advice.
At 5x, Ping Identity needs $560 million of revenue to be worth $2.8 billion. Your world gets there with $1.6 billion, so the next round likely prices above the last.
$100,000 of equity valued at the $2.80B Take-private by Thoma Bravo price would be worth about $280,000 on paper in this world, before dilution from new rounds, taxes and vesting. Private shares only turn into cash at a sale, an IPO or a tender offer.
A way to think, not a forecast, and not investment advice.
Ping Identity, Oct 18, 2022; Nov 14, 2024The signals, and which way they push.
- TailwindEvery AI agent needs an identity.
Ping shipped agent controls for Claude, Google Cloud, AWS and Cloudflare in four months of 2026.
- TailwindCustomers moving to its cloud.
SaaS ARR grew 31% in the year to Sep 2024.
- HeadwindMore debt after the dividend.
A reported $1.8B loan sits on a company with ARR near $800M. Interest is a fixed claim on cash that could fund hiring.
- HeadwindBigger rivals on both sides.
Okta reports about $2.9B of yearly revenue, over three times Ping's ARR, and Microsoft bundles Entra identity into its suites.
Where Ping Identity ends up, if we had to bet.
Our calls, not facts. Each one is tied to something that already happened, so you can judge the reasoning.
- 1
Ping lists on a US exchange again by 2031.
Coin flip 50%IPOIt was public from 2019 to 2022 and Thoma Bravo relisted SailPoint in 2025. But SailPoint trades below its IPO price and no Ping filing has been reported.
SecurityInfoWatch; TradingView - 2
Ping is sold to a larger security company or another buyout firm before it ever relists.
Coin flip 50%M&AThoma Bravo has owned Ping four years and reportedly shopped Imprivata in 2026. The 2025 dividend recap suggests no rush.
Biometric Update, Feb 2026 and Oct 2025 - 3
Identity for AI agents becomes a top-three Ping product line by revenue.
Likely 72%ProductsIt shipped agent discovery, runtime controls and marketplace agents in 2026. Buyers already treat agents as a security problem.
Ping releases, 2026 - 4
Most Ping admin work is done through an AI agent with a human confirming.
Likely 72%AIIt runs three MCP servers and Gemini agents that require explicit confirmation for changes. That design fits how security teams want agents used.
Ping developer docs; Ping release Sep 29, 2026 - 5
Ping passes Okta in yearly revenue.
Long shot 16%CompetitionOkta's revenue is over three times Ping's last ARR figure. Ping's edge is hybrid setups at very large firms, not size.
TradingView; Ping Identity Nov 2024
Read by the Still Remote research agent on November 3, 2026 from the sources linked on this page. Facts and scenarios only, not investment advice.