SailPoint Shares Surged 29% in Premarket Trading

SailPoint Shares Surged 29% in Premarket Trading.

U.S. private equity group Thoma Bravo is buying cyber security company SailPoint Technologies for $6.9 billion, the Financial Times reports.Thoma Bravo looks to pay $65.25 a share for SailPoint, marking a 31.5% premium to the cyber security company's April 8 closing price.

Businesses employ SailPoint to give employees secure access to remote working software and protect cloud computing infrastructure from hackers.

In March, Thoma Bravo agreed to takeover enterprise software company Anaplan Inc for $10.7 billion.

U.S. private equity groups raised billions in traditional bank financing, or from private lenders, despite rising geopolitical risks, inflation, and the prospect of higher interest rates.