Total amount raised
$322.9 Million
Latest funding date
9/1/2019
Location
Ping Identity has successfully raised significant funding over multiple rounds, establishing itself as a key player in the identity security sector. The company's platform offers a comprehensive suite of solutions designed to meet the complex identity challenges faced by digital enterprises.
What Is Ping Identity?
Ping Identity is a company specializing in identity security solutions for digital enterprises. Their platform offers flexibility, resilience, and security to meet demanding identity challenges across various industries, including government, financial services, healthcare, retail, and media & telco.
Recognized by leading analyst firms, Ping Identity provides a range of capabilities such as Single Sign-On, Multi-Factor Authentication, and Threat Protection. Their mission is to deliver secure and innovative identity services to enhance user experiences and protect enterprises.
How Much Funding Has Ping Identity Raised?
- Series A
- Amount Raised: $5.8M
- Date: April 2004
- Lead Investors: General Catalyst
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and launch their initial identity security solutions.
- Series B
- Amount Raised: $7.5M
- Date: May 2005
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their product offerings and scale operations.
- Series C
- Amount Raised: $13M
- Date: October 2006
- Lead Investors: Appian Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance their technology and increase market penetration.
- Series D
- Amount Raised: $21M
- Date: June 2011
- Lead Investors: Silicon Valley Bank, Triangle Peak Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and further develop their identity security platform.
- Series E
- Amount Raised: $44M
- Date: July 2013
- Lead Investors: DFJ Growth, W Capital Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate product development and expand their customer base.
- Venture Round
- Amount Raised: $913K
- Date: November 2013
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fund ongoing operations and support growth initiatives.
- Venture Round
- Amount Raised: $1.1M
- Date: June 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling their business and enhance their product offerings.
- Series F
- Amount Raised: $35M
- Date: September 2014
- Lead Investors: Kohlberg Kravis Roberts
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To grow and capitalize on the renewed focus on security, and prepare for a potential IPO.
- IPO
- Amount Raised: USD 194.6 million (net proceeds to Ping Identity; 14,375,000 shares at USD 15.00 including the underwriters' option exercised in full)
- Date: September 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Net proceeds were used to repay outstanding debt under its term loan facility.
Total Amount Raised: $322.9M. The IPO figure is net proceeds to Ping Identity including the exercised underwriters' option; the 2016 Vista and 2022 Thoma Bravo buyouts are acquisitions, not rounds.
Current Valuation: USD 2.8 billion (Thoma Bravo acquisition, October 2022)
Key Investors
- Kohlberg Kravis Roberts (K.K.R.)
- Details: K.K.R. is an investment giant best known for large leveraged buyouts. They have a significant presence in the private equity sector.
- Investment Focus Areas: Growth equity, leveraged buyouts, older and more established start-ups.
- Notable Investments: RJR Nabisco, HCA (hospital operator).
- Ten Eleven Ventures
- Details: Ten Eleven Ventures is a venture capital firm founded by security specialist Alex Doll. They focus on investments in the security and technology sectors.
- Investment Focus Areas: Security, technology.
- Notable Investments: Not specified.
- Draper Fisher Jurvetson
- Details: Draper Fisher Jurvetson is a venture capital firm known for its investments in technology and innovation. They have a broad portfolio of tech startups.
- Investment Focus Areas: Technology, innovation.
- Notable Investments: Not specified.
- General Catalyst Partners
- Details: General Catalyst Partners is a venture capital firm that invests in early-stage and growth-stage companies across various sectors. They aim to support innovative startups.
- Investment Focus Areas: Early-stage investments, growth-stage investments, various sectors.
- Notable Investments: Not specified.
- SAP Ventures
- Details: SAP Ventures is the venture capital arm of SAP, focusing on enterprise software and technology investments. They leverage SAP's extensive network and resources.
- Investment Focus Areas: Enterprise software, technology.
- Notable Investments: Not specified.
What's Next for Ping Identity?
Ping Identity is poised to capitalize on the growing need for secure identity management solutions in an increasingly digital and cloud-based work environment. With a focus on creating a universal identity for corporations, the company aims to simplify the login process for employees using multiple devices and cloud-based applications. This opportunity is significant, given the rising emphasis on security due to the prevalence of hacking and data theft.
Ping Identity went public on the NYSE under the ticker PING in September 2019. Thoma Bravo completed its acquisition of the company in October 2022, in an all-cash transaction valued at approximately $2.8 billion. Ping Identity's stock then ceased trading and was delisted from the NYSE.
Challenges lie ahead, including the need to stay competitive in the security software industry. The company must also ensure it can sustain its impressive growth rate and meet the increasing demands for secure and centralized identity management solutions. Despite these challenges, Ping Identity's strong growth metrics and the expertise of its investors position it well for future success.
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