Delinea acquisition of StrongDM

Davis Polk is advising TPG and its portfolio company Delinea on Delinea’s acquisition of StrongDM. The acquisition is subject to customary closing conditions, including regulatory review, and is expected to close in the first quarter of 2026. Financial terms of the transaction were not disclosed.

TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $286 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate and market solutions

Delinea is a pioneer in securing human and machine identities through intelligent, centralized authorization, empowering organizations to seamlessly govern their interactions across the modern enterprise. Leveraging AI-powered intelligence, Delinea’s leading cloud-native Identity Security Platform applies context throughout the entire identity lifecycle – across cloud and traditional infrastructure, data, SaaS applications and AI.

StrongDM is the universal access management company reimagining privileged access management through the identity firewall architecture. Built for enterprises managing explosive growth in both human and machine identities, StrongDM provides real-time authorization enforcement that governs privileged actions across infrastructure, applications and cloud environments – not just initial access.

The Davis Polk corporate team includes partner Darren M. Schweiger and associates Ryan Olson and Samuel G. Nyitray. Partner Jack Orford is providing sponsor finance advice. Partner Pritesh P. Shah is providing intellectual property advice. Partner Adam Kaminsky is providing executive compensation advice. Partner David H. Schnabel is providing tax advice. Partner Nathaniel L. Asker is providing antitrust and competition advice. Members of the Davis Polk team are based in the New York and Washington DC offices.