Despite the ongoing slowdown in the global economy, there’s a noticeable uptick in merger and acquisition activity. The latest player in this trend is the technology-focused private equity firm Thoma Bravo. In an announcement on Wednesday, the firm revealed the successful conclusion of its $2.3 billion all-cash acquisition deal for ForgeRock, a company specializing in identity and access management software.

This move involves a merger with Ping Identity, a cybersecurity firm that Thoma Bravo had acquired in the previous year for $2.4 billion. The agreement to purchase ForgeRock had been established at $23.25 per share back in October, with the expectation of finalizing the deal within the first half of 2023.

Notably, ForgeRock encountered a request from the U.S. Department of Justice (DoJ) for additional information regarding the acquisition last year. However, recent reports from Bloomberg indicate that the DoJ has opted not to challenge the deal.

As we reported a year ago, Thoma Bravo also acquired enterprise identity management firm Ping Identity for $2.8 billion in an all-cash buyout deal. A few months earlier, Thoma Bravo also acquired another cybersecurity company SailPoint for $6.9 billion and $10.7 billion to acquire Anaplan, an SAP rival and enterprise software firm started in an English barn.

Founded in 2010, the San Francisco, California-based ForgeRock provides identity and access management (IAM) solutions to businesses and large corporations. Its primary focus is on helping organizations manage digital identities and ensure secure access to various applications, services, and data.

ForgeRock’s acquisition by Thoma Bravo showcases the growing significance of identity and access management in the technology and cybersecurity industry. The company’s merging with Ping Identity and subsequent acquisition by Thoma Bravo also signifies a strategic move to strengthen and expand the capabilities of its IAM offerings.