Industry News Desk
IPO-Eying Ping Raises $44 Million F Round
Funding is earmarked for its international expansion and the completion of its next-generation identity security platform
By: Maureen O'Gara
Jul. 22, 2013 08:15 AM
Ping Identity, the 11-year-old Denver company that provides secure cloud-ified single sign-on to half of the Fortune 100 and reportedly has its eye on going public next year, has raised a $44 million F round led by private equity house W Capital Partners, brought in to help with the IPO through its new board seat, and DFJ Growth, a Draper Fisher Jurvetson fund.
The money, which is more than Ping's estimated $43 million in sales last year, is also coming from existing backers General Catalyst Partners, Draper Fisher Jurvetson, Avista Partners, Triangle Peak Partners, SAP Ventures and Appian Ventures. Besides the $29 million in equity financing there's $15 million in debt financing complements of Silicon Valley Bank.
Up to this F round, Ping reportedly raised a total of $51 million since it was started in 2002.
The new funding is earmarked for the company's international expansion and the completion of its next-generation identity security platform.
Ping CEO Andre Durand says, "Over the past five years, identity has emerged as the cornerstone of security, convenience and control in a world dominated by mobility, federated business and dissolving borders. We're reimagining everything as we redefine how identity management can scale to Internet and cloud proportions, serving billions of users, devices and services over the course of the next decade."
The company provocatively notes IDC's prediction that by 2020, which is not all that far off, 90% of IT growth will be driven by technologies that currently represent just 22% of ICT spending. "For a $4.6 billion identity and access management (IAM) market projected to grow $1.5 billion in the next three years," IDC reckons, "much is at stake."
Ping claims better than 1,000 customers including corporates like Boeing, BMW, ADP, Aflac, Shell, Cisco and HP along upwards of 300 cloud software vendors such as Box, Egnyte, Google Apps and Workday.
The widgetry lets users access to cloud-ified applications via a single password and login page.
Durand previously started Jabber, the open source instant messaging company that Cisco bought in 2008.
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