Acquisition Will Accelerate Growth and Innovation for Identity Defined Security Leader
DENVER - Thursday, June 2nd 2016 [ME NewsWire]
(BUSINESS WIRE) -- Ping Identity, the leader in Identity Defined Security, today announced that it has been acquired by Vista Equity Partners (“Vista”), a leading private equity firm focused on software, data and technology-enabled businesses. The acquisition will allow Ping Identity to accelerate growth and innovation through strategic acquisitions and focused investment in its leading enterprise Identity-as-a-Service (IDaaS) capabilities, which places identity at the core of enterprise security.
“This is a great day for Ping Identity, as the investment validates what we’ve built: the leading Identity and Access Management platform,” said Andre Durand, CEO of Ping Identity. “Enterprises require a partner who can effectively integrate every technology stack and cloud platform to provide secure access for their users. With Vista, we can now accelerate our vision of creating a borderless world secured through identity. The Ping team is excited to begin this next phase for Ping Identity and to broaden its reach into new markets.”
Ping Identity joins Vista with strong customer growth and business momentum. The company’s annual recurring revenue (ARR) grew by more than 40 percent in 2015, and ARR is expected to reach more than $100 million in 2016. Ping Identity leads a new era of identity management by ensuring secure access to the digital enterprise, seamlessly connecting all users - employees, partners and customers - to all applications, whether mobile, cloud or legacy. More than 1,500 of the world’s most demanding enterprises, including over half of the Fortune 100, trust the Ping Identity Platform to accelerate their move to the cloud, deliver a rich customer experience and quickly onboard partners as part of their digital transformation.
"Identity is the new strategic imperative for winning in the digital economy. With the Internet of Everything upon us, it is more important than ever to protect and secure access to any application through identity,” said Robert F. Smith, Founder, Chairman & Chief Executive Officer of Vista. “Vista recognizes the power of Ping's platform and the strength of Ping's business model, and we’re looking forward to working with Andre to support Ping’s growth in the dynamic and strategic field of identity management.”
The transaction is expected to close in the third quarter of this year. Financial terms have not been disclosed.
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About Ping Identity | The Identity Defined Security Company
Ping Identity is the leader in Identity Defined Security for the borderless enterprise, allowing employees, customers and partners access to the applications they need. Protecting over one billion identities worldwide, the company ensures the right people access the right things, securely and seamlessly. More than half of the Fortune 100, including Boeing, Cisco, Disney, GE, Kraft Foods, TIAA-CREF and Walgreens, trust Ping Identity to solve modern enterprise security challenges created by their use of cloud, mobile, APIs and IoT. Visit www.pingidentity.com.
About Vista Equity Partners
Vista Equity Partners, a U.S.-based private equity firm with offices in Austin, Chicago and San Francisco, with more than $24 billion in cumulative capital commitments, currently invests in software, data and technology-based organizations led by world-class management teams with long-term perspective. Vista is a value-added investor, contributing professional expertise and multi-level support towards companies realizing their full potential. Vista's investment approach is anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions, and proven management techniques that yield flexibility and opportunity in private equity investing. For more information, please visit www.vistaequitypartners.com.
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Ping Identity Corporation
Bateman Group for Ping Identity
Jen Woods, 415-503-1818
Dave De Jear, 720-508-8319
Vista Equity Partners Contact
Alan Fleischmann, 202-413-4495