Ping Identity builds identity and access management solutions to help large companies manage users across cloud services, devices, and legacy software. The company says it has 1,200 customers, including half of the Fortune 100. Ping raised $35 million in the most recent financing and has now raised $110 million in total to date. Management declined to specify a single use for the new funds. The CEO described the round size as the proper amount for the company’s needs while balancing outside capital and dilution. The article notes that the author believes this may be a penultimate round before an IPO if market conditions remain favorable, and that no financials or growth rates were provided. Ping Identity provides identity and access management and identity security solutions that give enterprise customers and employees one-click access to applications from any device. The company says more than 1,000 organizations, including half of the Fortune 100 and over 300 SaaS vendors, rely on its products to serve hundreds of millions of people. Ping is building a next-generation identity security platform intended to scale to Internet and cloud proportions, addressing users, devices, and services at large scale. Management says the latest funding will accelerate completion of that next-generation platform and that identity has become the cornerstone of security and convenience. Ping cites strong market momentum and 'extraordinary retention rates' among its customer base. The company references IDC estimates for a $4.6B IAM market projected to grow by $1.5B over the next three years. Ping Identity builds cloud identity-management products including PingFederate (single sign-on) and PingConnect (passwordless access to major SaaS apps). The platform lets employees, customers and partners access multiple cloud resources with a single credential and supports integrations with Salesforce, Google Apps, Concur, SuccessFactors, Workday and more. Founded in 2002, the company serves more than 600 customers, including 40 of the Fortune 100, and counts 150+ SaaS partners using its products. The company raised $21M in its latest funding, bringing total funding to $34M. Proceeds from the new investment will be used for product development and to expand sales and marketing. The article frames the online identity market as a billion-dollar opportunity and notes potential federal interest in a trusted-identity ecosystem; competitors such as Okta are mentioned.

Total raised

$100M

Funding rounds

4

Latest round

Equity

Latest activity

Sep 2014