What does $2.8B buy you in today’s market?

News that private equity group Thoma Bravo is buying Ping Identity for $2.8 billion in cash broke earlier today, marking the beginning of the end of Ping’s life as a public company (at least for now).
Thoma Bravo will pay $28.50 per share in an all-cash transaction, a price that TechCrunch noted is a roughly 63% premium over the company’s pre-announcement share price. News of the sale emerged after Ping reported earnings that missed both profit and revenue estimates in the second quarter.
Given that M&A activity has been muted compared to 2021’s torrid pace, the deal is attract

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