The Wire

Apr 11, 2022

Thoma Bravo aims to reduce risk of cyberattacks with $6.9bn deal; TPG talks healthcare

Good morning, Hubsters. MK Flynn here with today’s Wire and a big deal to kick off the week.

Not surprisingly, it’s all about reducing the risk of cyberattacks at corporations.

Mega Merger Monday. Thoma Bravo is buying SailPoint Technologies, which develops enterprise identity security software, in a take-private all-cash transaction worth $6.9 billion.

“Identity security is core to cybersecurity, and businesses have realized that to fuel business growth and success, they must start with identity as the foundation for secure business transformation,” said Mark McClain, the CEO and founder of SailPoint.

Healthcare investing. “Innovation and efficiency are the key factors propelling our $3.6 trillion US healthcare system,” Jeff Rhodes, co-managing partner at TPG Capital, told PE Hub. “Capital formation is happening around true innovation in healthcare products that benefits patients and takes costs out of the system. We are also seeing very significant innovation on the healthcare services side around how care is provided, where it’s provided and how it’s paid for. True innovation is rewarded, and that is always where we have invested as a firm, and it’s where we continue to invest.”

Aaron spoke to Rhodes as part of our ongoing series profiling private equity firms investing in healthcare. With the firm since 2005, Rhodes is based in San Francisco and co-leads the healthcare group and the firm’s investment activities in the healthcare services, pharmaceutical and medical device sectors.

Read Aaron’s full interview here.

Food for thought: “Do PE firms formed by industry experts still need PE talent? Are we on the cusp of seeing a crop of firms built and led solely by operators, with no investment talent?” Those are some of the questions Chris poses in an analysis piece for Buyouts. Check it out here.

That’s plenty to digest on a Monday morning!

Until tomorrow,

Read the full wire commentary on PE Hub ...

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“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.”

— Mark McClain, CEO and founder, SailPoint

Today's letter was prepared by MK Flynn

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