Cloud identity management innovator Ping Identity announced that it has taken its total capital to $110 million, courtesy of a new investment of $35 million.
The funding round was led by KKR, and featured participation from new investor, Ten Eleven Ventures. Also participating were existing investors including:
- Appian Ventures
- Draper Fisher Jurvetson
- General Catalyst Partners
- SAP Ventures
- Triangle Peak Partners
- Volution Capital
- W Capital Partners
Quoted in the Denver Post, Ping senior marketing director, Jeff Nolan said, “The cost of a data breach is far greater than the cost of replacing the old infrastructure in the first place.” Nolan pointed to research that suggested that compromised passwords were the cause of more than 75% of data breaches. Add to this the idea that the $50 billion annually invested in IT security is dwarfed by the estimated $200 billion in password-related losses each year.
“The solution here is not better passwords, but getting rid of the password altogether,” Nolan said.
Ping’s technology leverages secure, open standards like SAML, OpenID, and OAuth to provide cloud-based identity management solutions to more than 1,200 customers around the world, including half of the Fortune 100. Ping Identity provides cloud single sign-on, mobile app identity security, API security, centralized IT control of cloud access and more.
Ping Identity has been in the fintech headlines more than once in 2014. The company acquired Accells Technologies in March. In January, the company was rated positively by Gartner’s Web Access Management Marketscope Report. Ping Identity was founded in 2004, and is headquartered in Denver, Colorado. Andre Durand is CEO.
Ping Identity demoed its technology at FinovateEurope 2012. See the video of the company’s presentation here.