Scaling Through Technological Innovations and Acquisitions
How Ping Identity scaled through technological innovations and acquisitions.
By 2020, organizations are expected to spend $101.6 billion on cybersecurity efforts. To secure information and data in today’s digital world, businesses must identify the people and devices trying to access their systems. Single authentication processes, like user ID and password, are not enough to ensure that only authorized individuals can access sensitive systems.
Identity security continues to grow as more organizations take a broader view of protection and authentication. Ping Identity (NYSE: PING) is a market leader, providing next-generation identity and access management software to enterprises on a global scale. Companies use Ping solutions to secure the identities of their employees, partners and customers, enabling secure access to any application from any device.
In 2016, Founder and CEO Andre Durand was considering strategic options for growth. Durand worried that a buyer would diminish the brand and change the culture he and his team had created, but knew an influx of capital was necessary to help the company achieve its goals.
While Durand considered several opportunities including an IPO, Vista presented an offer that would satisfy the company’s capital needs while supporting its employees and culture. Vista’s experience and software-specific focus further assured Durand that he was making the best decision for his company and its future.
Ping draws upon experts across the globe to advance its product offerings and cater to customers around the world. With Vista as a partner, Ping has greater insight into the macro trends that are impacting its business, which allows the company to remain an industry leader. Vista also supports Durand’s goal of increasing the company’s use of artificial intelligence (AI) and machine learning (ML) for identity security.
In June 2018, Ping acquired Elastic Beam, a pre-Series A startup that uses AI to monitor APIs and help them pinpoint threats. This deal not only brought advanced technology to Ping, but also AI and ML experts to advance the company’s product line. In 2016, Ping acquired UnboundID, a customer identity and access management solutions company. This deal helped Ping expand from identity management into customer engagement. According to Durand, without Vista’s support, neither of these purchases would have been possible.
With Vista as a partner, Ping is closer to achieving its vision – creating a world without borders, secured through identity management.
Please see the “Case Studies” section of the Disclosures page for important information about these Case Studies.
I was looking for a partner with a vision to go big and also the wherewithal to help me do it.
Andre Durand, Founder and CEO, Ping Identity
Year of Investment: 2016
Portfolio Status: Current
Headquarters: Denver, CO
Next-generation identity and access management software for global enterprises.
Ping Identity Corporation (NYSE: PING) is a leading provider of next-generation identity and access management software to enterprises globally. The Company’s solutions are used by organizations to secure the identities of their employees, partners and customers, and enable secure access to any application from any device. Ping Identity’s breadth of functionality has allowed the Company to become a market-leading player in one of the most rapidly growing subsectors within enterprise security, securing over 1 billion identities and protecting critical assets for some of the world’s largest enterprises. Ping Identity was founded in 2002 and serves over 1,500 customers.
Ping Identity is headquartered in Denver, CO, with operations across the United States, Canada, Europe, Asia and Israel.
Vista Equity Partners Fund VI completed a buyout of Ping Identity in June 2016.