April 11 Reuters Private equity firm Thoma Bravo will acquire SailPoint Technologies for 6.12 billion, in a deal that underscores a heightened demand for security software as businesses continue to digitize their operations.

A pandemicled shift to remote working, as well as the RussiaUkraine conflict, has fueled a spike in cyberattacks and bolstered demand for security software firms.

SailPoint shareholders will receive 65.25 per share in cash, the cybersecurity firm said on Monday, which represents a premium of 31.6 as of Friday close. The enterprise value of the deal is about 6.9 billion.

Shares of AustinTexas based SailPoint were up 26 premarket. They lost about 9.2 in 2021.

SailPoint founder and Chief Executive Officer Mark McClain said the deal, expected to close in the second half of this year, would allow them to pursue longterm growth trajectory with greater flexibility, expand their markets, and accelerate innovation in identity security.

SailPoint specializes in software related to identity and access management, that helps businesses mitigate unwanted user access and reduce the risk of sensitive data leakage.

Thoma Bravo, which manages more than 103 billion in assets, is largely focused on software and technology companies. It has been doubling down on its investments in the sector.

Last year, it bought Proofpoint Inc in an allcash deal that valued the cybersecurity firm at about 12.3 billion. It agreed to buy software maker Anaplan Inc for 9.65 billion…