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The number of shares to be offered and the initial price range have not yet been disclosed, but TechCrunch reports that the company could secure a valuation between $2 billion and $3 billion. Ping Identity will list on the NASDAQ under the ticker symbol “PING.”
Vista Equity Partners, which acquired Ping Identity in 2016 for $600 million, will retain partial ownership of the company post-IPO. Goldman Sachs, Bank of America Merrill Lynch, RBC Capital Markets, and Citigroup are the IPO’s lead underwriters.
Founded in 2003, Ping Identity demonstrated its technology at FinovateEurope 2012. The company’s solutions enable customers and employees to securely and seamlessly access cloud, mobile, SaaS, and on-premises applications and APIs from any location. Ping Identity leverages single sign-on (SSO) and multi-factor authentication (MFA) to provide one-click, real-time access and security, helping organizations move toward a “Zero Trust” identity-defined security regime. Named a leader in Gartner’s Magic Quadrant for Access Management in 2019, the company introduced its new private cloud identity solution for the enterprise, PingCloud Private Tenant, earlier this month.
In its prospectus, Ping Identity notes that its platform secures more than two billion identities around the world as of June of this year. More than 50% of the Fortune 100 are Ping Identity customers, as are 12 of the biggest banks and five out of the seven largest retailers in the U.S. The company also highlighted its use of artificial intelligence and machine learning, as well as its role in helping develop open identity standards.
Financially speaking, the company is seeking a return to the profitability it enjoyed in 2017. Ping Identity reported year-over-year revenue growth of 17% the following year, and announced period-over-period revenue growth of 14% for the first six months of this year.
This spring, the company was namedBest Identity Management Solution at the 2019 SC Awards, and twice-honored by DeveloperWeek with its Devies and Info Security Global Excellence awards. Ping has forged partnerships this year with companies like fellow Finovate alum TIBCO to leverage AI to help defend APIs against cyberthreats, and with Citrix Analytics to enable contextual access for its Citrix Workspace.
Ping’s competitors in the SSO and MFA solution provider space include heavyweights like IBM and Oracle, as well as Microsoft. And while comparing its technology favorably to the “complex, costly and increasingly fragile” systems of its rivals, Ping Identity has partnered with Microsoft and noted the benefits of this relationship in its prospectus.
“(We) partner with Microsoft to provide SSO, security control and adaptive MFA where non-Microsoft environments require integration or independence is preferred,” the prospectus reads. “Microsoft’s integration and interoperability with our solutions benefits enterprises while providing optionality and choice.”
Ping Identity was founded by Andre Durand, who serves as the company’s CEO. The company is headquartered in Denver, Colorado.
A just-announced partnership between TIBCO Software and Ping Identity will provide companies with new AI-powered defenses against emerging API threats. The collaboration will integrate TIBCO’s API Management Platform, TIBCO Cloud Mashery, with Ping Identity’s PingIntelligence for APIs to extend and enhance the platform’s API security with AI-enabled threat mitigation and decoy API deception.
TIBCO Cloud Mashery provides a wide variety of API security features including advanced authentication, bot detection, white and blacklisting, and access controls. The integration of PingIntelligence for APIs is designed to provide companies with a comprehensive API security solution that enables them to confidently pursue digital transformation goals and open banking initiatives.
Vice President for Product Marketing and Strategy for TIBCO Rajeev Kozhikkattathodi noted that the growing reliance on APIs can be a problem for companies that fail to take a standardized approach to securing data that is exposed by APIs. “As the API attack surface continues to expand due to the strategic value of APIs,” he said, “a new generation of threats will similarly continue to emerge. We’re excited to partner with Ping Identity to improve security measures for enterprises with sensitive corporate data.”
Ping Identity CTO Bernard Harguindeguy echoed Kozhikkattathodi’s emphasis on the connection between the opportunity and risk of the API Age. “Companies’ most sensitive digital assets, including their customer data, are increasingly made accessible via APIs, and protecting this infrastructure from abuses and cyber attacks must be the top priority for CISOs and CIOs everywhere,” Harguindeguy said. “Our partnership with TIBCO brings AI-powered protection to boost the security of API infrastructures and help organizations everywhere secure their data and applications behind APIs.”
TIBCO is a two-time veteran of our FinovateAsia conference, most recently demonstratingInnovative Payment Solutions for temporary, “in the moment” payment contexts at FinovateAsia 2013. In April of this year, the company appointed a new CEO, Dan Streetman, and in June, TIBCO introduced a set of enhancements to a variety of solutions – including TIBCO Cloud Mashery – to help developers negotiate common pain points in mixed cloud environments. Named a leader in iPaaS and hybrid integration platforms by Forrester for Q1 2019, the company is headquartered in Palo Alto, California.
Founded in 2003 and based in Denver, Colorado, Ping Identity demonstrated its PingFederate enterprise-grade authentication and single sign-on authority at FinovateEurope 2012. Earlier this month, the company unveiled a new framework and guidance to help companies adopt Zero Trust security strategies. In May, Ping Identity announced a partnership with Citrix Analytics and in March, the company was recognized at the 2019 SC Awards, winning the Best Identity Management Solution category. Ping Identity began the year noting that 12 of the biggest U.S. banks by assets use its Intelligent Identity Platform for identity and access management.
Both TIBCO and Ping Identity are recent acquisitions of Vista Equity Partners. TIBCO was taken private in 2014 in a deal valued at $4.3 billion. Ping Identity was purchased by the same Austin, Texas-based private equity firm in 2016 for $600 million.