Ping Identity files for $100M IPO

Some eight months after it was
reported
that Ping Identity’s owners Vista Equity had hired
bankers to explore a public listing, today Ping Identity took the
plunge: the Colorado-based online ID management company Ping Identity has
filed an S-1
form indicating that it plans to raise up to $100
million in an IPO.

The company was
acquired by Vista
in 2016 for about $600 million, and while the
initial S-1 filing doesn’t have an indication of price range, the
company is said to be looking at a valuation of between $2 billion
and $3 billion in this listing.

The area of identity and access management has become a
cornerstone of enterprise IT, with companies looking for efficient
and secure ways to centralise how their employees, their customers,
their partners and various connected devices can be authenticated
across their cloud and on-premise applications.

Ping has been one of the bigger companies building services in
this area, competing with the likes of Okta, OneLogin, AuthO,
aCisco, nd dozens more off-the-shelf and custom-built
solutions.

The company offers its services on an SaaS basis, covering
services like secure sign-on, multi-factor authentication, API
access security, personalised and unified profile directories, data
governance and AI-based security policies.

The company has been on a steady growth curve, reporting
revenues of $112,898 million in the first six months of 2019,
versus $99,450 in the same period a year before. It’s not
profitable but its net loss has been shrinking in recent years,
with a net loss of just $3.1 million in the first six months of
this year versus $5.8 million a year before (notably in 2017
overall it was profitable with a net income of $19 million. It
seems that the change is due to acquisitions and investing for
growth).

More to come.

 

 

Source: FS – All Tech News 2
Ping Identity files for 0M IPO