M&A · Tech · Services-Prepackaged Software
Thoma Bravo to acquire ForgeRock, Inc.
Announced Oct 11, 2022 · Closed Aug 23, 2023
Deal value$2.30BEV $2.30B
Premium53.0%To unaffected price
EV / Adj. EBITDA—12.2x EV / Revenue
ConsiderationAll cash$23.25 per share
Transaction
- Acquirer
- Thoma Bravo
- Target
- ForgeRock, Inc.
- Buyer type
- Private equity
- Offer price per share
- $23.25
- Enterprise value
- $2.30B
- Status
- Closed Aug 23, 2023
Deal protections
- Break fee (target pays)
- $60.0M · 2.6%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- JPMorgan
- JPMorgan fee
- $3.0M
Sector context · Tech
- Comparable deals
- 79 in the prior 24 months
- Premium
- 53.0% vs. 33.3% sector median
- EV / Adj. EBITDA
- Sector median 17.8x
- Break fee
- 2.6% vs. 3.0% sector median
Timeline
- AnnouncedOct 11, 2022
- Proxy filedNov 28, 2022
- Definitive proxyDec 8, 2022
- Shareholder voteJan 12, 2023
- ClosedAug 23, 2023
Valuation · fairness opinions
Precedent transactions$18.15$27.80
Discounted cash flow$18.30$31.00
Offer $23.25
Implied value per ForgeRock, Inc. share by analysis, from JPMorgan · DCF discount rate 10%–12%.