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In the latest move in a series of security-company acquisitions, private equity firm Thoma Bravo announced Wednesday that it has reached an arrangement to acquire IAM (identity and access management) firm Ping for a total sale price of $2.8 billion.

Ping Identity’s flagship product is its PingOne Cloud Platform, which acts as an underlying framework to orchestrate the company’s own security products for each step of the identity management process, as well as a way to centrally manage third-party identity solutions.

Thoma Bravo partner Seth Boro said in the announcement that Ping’s products make it well-suited to address the fast-changing needs of companies using identity management technology.

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