© Reuters. FILE PHOTO: The U.S. Department of Justice logo or seal showing the Justice Department’s headquarters, known as the “principal justice,” is seen behind the lectern in the briefing room at the department’s headquarters before a news conference with the attorney general in Washington.
(Reuters) – The U.S. Justice Department is close to deciding whether to challenge private equity firm Thoma Bravo’s $2.3 billion acquisition of ForgeRock Inc, Politico said on Monday, citing four people with direct knowledge of the matter.
This development comes months after ForgeRock announced that it had received a notice from the Department of Justice requesting more information related to the go-private deal.
“We look forward to completing the review process with the Department of Justice and partnering with Thoma Bravo,” ForgeRock told Reuters on Monday.
The Justice Department declined to comment when contacted by Reuters.
San Francisco-based ForgeRock provides identity and access management solutions for consumers, workforces, and IoT devices.
Thoma Bravo, which agreed to buy ForgeRock in October, invested in several software companies last year taking advantage of lower valuations, as a result of selling shares more broadly, due to high inflation and tight monetary policy.
The move comes at a time when a distributed workforce and increased cyberattacks on businesses during the pandemic have fueled demand for digital security solutions, helping drive growth for companies like ForgeRock.