Funding Round to Drive Product Development and Global Market
Expansion, Delivering on Company's Mission of Identity Security in the
Identity®, The Identity Security CompanyTM, today
announced a $35 million investment round led by global investment firm
KKR with participation from Ten Eleven Ventures, a new fund founded by
security entrepreneur Alex Doll, as well as existing investors Draper
Fisher Jurvetson, General Catalyst Partners, SAP Ventures, W Capital
Partners, Volition Capital, Triangle Peak Partners and Appian Ventures.
This round brings the total funding for Ping Identity to $110 million.
"Identity security is hot, and it is a market in the midst of a massive
technology shift that will reshape the entire industry," stated Andre
Durand, founder and CEO, Ping Identity. "This funding is further
recognition that Ping Identity has built the largest independent
identity company, and we are positioned to extend that growth as an
enduring, independent company. We're excited to have the backing from
KKR and our other incredible investors as we execute on Ping's mission
to secure and protect online identity."
The nearly $50 billion invested in IT security products each year is
still costing companies $200
billion in password-related losses annually, reinforcing that legacy
IT security and identity access management approaches are failing. As
people traverse myriad connected devices and cloud-connected
applications at work and at home, identity is emerging as a critical
layer in the new IT stack designed to solve today's modern security
Ping Identity will use this funding to support its rapid growth, product
innovation and international expansion as market demand increases for
identity security solutions that address evolving consumer and
enterprise security dynamics in a post-password world.
"We are pleased to be backing Ping Identity's next phase of growth given
the company's strong market leadership position in the expanding
next-gen identity security sector," said Herald Chen, co-head of
technology at KKR. "Ping Identity's innovative product portfolio
continues to match its customers' evolving needs through flexibility and
ease of deployment while adopting industry standards. The company's
continued entrepreneurial spirit gives us every confidence in a bright
future for Ping."
"Identity management has changed as customer use cases from increasingly
mobile and cloud-connected enterprises have strained legacy IAM," said
Alex Doll, founder, Ten Eleven Ventures. "Ping Identity's approach to
solving the problem at the infrastructure level is unique, enhancing
identity management through convenient integrations to existing identity
sub-systems, enhanced security, standards-based federation, and
facilitating all deployment modes from on-premise to pure cloud. Ping
Identity is the company that is leading the re-architecting of secure
identity on the Internet for the mobile and cloud era."
Upon closing this transaction, Herald Chen and Alex Doll will join the
Ping Identity Board of Directors. Global investment bank RBC Capital
Markets advised the company through the process of syndicating the
investment group and successfully executing the financing.
For KKR, the investment is part of the firm's growth equity strategy,
which is focused on market-leading, high-growth companies for which KKR
can be a unique partner in helping reach scale and the next level of
growth. KKR is funding the investment from the balance sheet of KKR &
Co. LP (NYSE:KKR).
Background on Ping Identity:
Ping Identity has more than 1,200 customers worldwide, including half
of the Fortune 100.
This year, the company is the only vendor named as a leader in four
analyst reports: Gartner Inc.'s "2014
Magic Quadrant for Identity and Access Management as a Service (IDaaS),"
Forrester Research Inc.'s "The
Forrester Wave™: Identity And Access Management Suites, Q3 2013,"
MarketScape: Worldwide Federated Identity Management and Single
Sign-On Vendor Assessment" and KuppingerCole's "Leadership
Compass on Cloud User and Access Management."
Ping Identity is headquartered in Denver with U.S. locations in San
Francisco and Waltham, Mass., as well as locations in Vancouver,
Halifax, London and Melbourne.
About Ping Identity | The Identity Security Company
Ping Identity is the pioneer and largest independent provider of
next-generation identity security solutions. With more than 1,200
customers worldwide including half of the Fortune 100, Ping Identity is
transforming the way hundreds of millions of people live and work every
day by making their favorite apps more convenient and secure to access
from any device, anywhere. Visit pingidentity.com
for more information.
Ping Identity Corporation
Jeff Nolan, +1-650-430-3947
Us on Twitter: @PingIdentity
our LinkedIn Group: Ping
Subscribe to our YouTube Channel: PingIdentityTV
Us on Facebook: PingIdentityPage
Rod McLeod, 415-503-1818
Source: Ping Identity Corporation
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