Colorado-based Ping Identity, a cloud identity security solutions provider, announced today it has been acquired by Vista Equity Partners. The terms were not disclosed for the deal which is expected to close in Q3 of this year.
Austin-based Vista Equity Partners has almost $8 billion in capital commitments, partnering with firms in software and technology-enabled businesses. Founded in 2000, the firm has acquired four companies, including Ping.
The acquisition is anticipated to help Ping Identity accelerate the growth of its security solutions through acquisitions and to boost investment in its Identity-as-a-Service (IDaaS) capabilities. Ping Identity CEO Andre Durand says it’s “a great day for Ping Identity” and added that the acquisition “validates what we’ve built: the leading Identity and Access Management platform.”
In the press release, Ping Identity noted a few metrics:
- Annual recurring revenue grew by 40% in 2015
- Annual recurring revenue is expected to reach more than $100 million in 2016
- Clients include 1,500 global enterprises, including over half of the Fortune 100
In February, the company launched enhancements for Ping Federate, an omnichannel authentication and access management solution that uses multifactor authentication, single sign on, and limited access security.
Founded in 2003, Ping Identity took the stage at FinovateEurope 2012. The demo showed how banks can increase conversion rates and reuse existing infrastructure by implementing social networking logins. The company has raised a total of $128 million in funding and counts Draper Fisher Jurvetson, General Catalyst Partners, and Silicon Valley Bank among its investors.