Vista Equity Partners has reportedly enlisted the services of a number of banks to prepare software business Ping Identity for an initial public offering.
The raise could value the company between $2bn and $3bn, including debt, people familiar with the matter told Reuters.
It is believed that the company might not launch its stock market debut until late 2019 or even 2020, the sources added. Vista is also open to any acquisition offers for Ping. Goldman Sachs Group will lead the IPO syndicate.
The Colorado-based ID management software company was backed by Vista back in 2016. The company provides its customers with access to cloud, mobile, SaaS and on-premises applications and APIs. Its clients include Boeing, Barclays, GlaxoSmithKline, Cisco, GE, Kraft Foods, Walgreens and over half of the Fortune 100.
Last month Vista agreed to buy business management software company Apptio in a $1.94bn deal.
The PE house is said to be looking to pick up $12bn for Fund VII according to investor documents reportedly seen by Private Equity International.
Last month Vista’s fund received a $100m commitment from Connecticut Retirement Plans & Trust Funds. The New York State Common Retirement Fund also put aside a $750m commitment for the vehicle.
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