Good morning, Hubsters. MK Flynn here with today’s Wire. Let’s kick things off with a big deal, then move onto the middle market, then a quick look at emerging managers, and we’ll wrap up with dealmaking in Europe. Tech Tuesday. Thoma Bravo just announced another take-private cybersecurity deal. The tech-focused PE firm is buying digital identity management provider ForgeRock in an all-cash deal valued at about $2.3 billion. “Identity-centric cybersecurity solutions are a critical enabler for businesses to digitally transform their operations, and ForgeRock’s solutions combine both the advanced security and customer usability needed in the market,” said Chip Virnig, a partner at Thoma Bravo, in a statement. “We look forward to partnering with ForgeRock to leverage our deep sector expertise and support the company to capitalize on this tremendous market opportunity.” Identity management has been a theme in Thoma Bravo’s deals this year, as PE Hub has been reporting. In August, the firm announced a take-private deal for Ping Identity, in an all-cash transaction valued at about $2.8 billion. Also in August, Thoma Bravo closed the acquisition of SailPoint Technologies, which develops enterprise identity security software, in a take-private all-cash transaction worth $6.9 billion. ExecFactor. This morning, Huron Capital announced the launch of a new platform company called Exigent, and PE Hub’s Aaron Weitzman broke the news in an exclusive interview with Huron’s Scott Hauncher and Mike Zukas. Headquartered in Glenn Dale, Maryland, Exigent is focused on providing mechanical services – such as HVAC, plumbing, power, and energy efficiency – to large facilities in the education, healthcare, industrial, government and commercial sectors. Exigent is the latest platform for Huron’s “ExecFactor” strategy. Huron defines the approach as a “proprietary, thematic investment strategy where we underwrite an industry and partner with an executive to deploy our build-and-build investment model.” The approach “brings together our sector focus, deep industry relationships, committed capital and repeatable buy-and-build approach to create a new platform investment.” The foundational acquisition for Exigent is American Combustion Industries (ACI), which focuses on boilers, chillers and plumbing. ACI president Tim Kirlin will maintain an equity stake in Exigent and will join the company’s executive team. Read the full story here. Emerging managers. Buyouts is out with a report on emerging managers and the results of our recent survey on the topic. “A volatile macroeconomic and geopolitical environment means many investors are pulling back on risk,” finds the report. “Meanwhile, the denominator effect is creating capital constraints, and an unrelenting wave of re-ups means LPs are being pushed to their limits. All of which is resulting in a flight to the familiar and a punishingly tough fundraising environment for emerging managers,” according to the sixth annual Buyouts Emerging Manager Survey, conducted in partnership with Gen II Fund Services LLC. You can read the full report on the emerging managers landing page. Across the pond. Are you signed up to receive Dealflow, PE Hub Europe’s daily newsletter? Today’s edition, written by PE Hub Europe editor Craig McGlashan, covers deals being done by KKR, Graphite Capital, Palatine and Triton Partners. Click here to read the online version. We launched PE Hub Europe over the summer, and we’re offering access to it for free this fall for a limited time only. To receive all the news and insights in private equity-backed dealmaking in Europe, sign up for PE Hub Europe and Dealflow here. Dear reader. PE Hub has launched a new reader survey, and we’d love to hear from you. Let us know how we’re doing at the survey here. As always, you can reach out to me at [email protected]. Buyouts’ Chris Witkowsky writes the Wire on Wednesdays, and I’ll be back with more on Thursday. All the best until then, MK Read the full wire commentary on PE Hub ... | 