Single sign-on security startup Ping Identity raises a $35M round

by Garrett Reim
September 18, 2014

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Denver-based Ping Identity has just raised a $35 million round led by private equity firm KKR. Other investors in the round include Ten Eleven Ventures, Draper Fisher Jurvetson, General Catalyst Partners, SAP Ventures, W Capital Partners, Volition Capital, Triangle Peak Partners and Appian Ventures. The company’s total investment now is $110 million.

“Identity security is hot, and it is a market in the midst of a massive technology shift that will reshape the entire industry,” said Andre Durand, founder and CEO, Ping Identity, in a statement. “This funding is further recognition that Ping Identity has built the largest independent identity company, and we are positioned to extend that growth as an enduring, independent company.”

The growing threat of cyber-attacks is the forefront of the public’s mind after hackers in recent months have stolen everything from credit card numbers from shoppers at Target to private celebrity nude photos stored on Apple’s iCloud. Furthermore, Ping cites figures by Forrester that state nearly $50 billion is invested in IT security products each year, yet companies still lose $200 billion in password-related incidents.

Ping offers several single sign-on and authentication technologies that are used by enterprise and consumer-facing apps. For example Box.com and Equinox use Ping’s single sign-on technology for their consumer-facing applications and Land O’Lakes uses the single sign-on technology to protect its employee logins.

"Identity management has changed as customer use cases from increasingly mobile and cloud-connected enterprises have strained legacy IAM,” said Alex Doll, founder of Ten Eleven Ventures, an investor in Ping. “Ping Identity's approach to solving the problem at the infrastructure level is unique, enhancing identity management through convenient integrations to existing identity sub-systems, enhanced security, standards-based federation, and facilitating all deployment modes from on-premise to pure cloud. Ping Identity is the company that is leading the re-architecting of secure identity on the Internet for the mobile and cloud era."

The company said they currently have 1,200 customers, including half of the Fortune 100.

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