Ping Id information for $100M IPO on Nasdaq to commerce as ‘PING’
Some eight months after it was reported that Ping Id’s house owners Vista Fairness had employed bankers to discover a public itemizing, at this time Ping Identity took the plunge: the Colorado-based on-line ID administration firm has filed an S-1 type indicating that it plans to boost as much as $100 million in an IPO on the Nasdaq trade beneath the ticker “Ping.”
Whereas the preliminary S-1 submitting doesn’t have a sign of value vary, Ping is alleged to be taking a look at a valuation of between $2 billion and $Three billion on this itemizing.
The corporate has been round since 2001, based by Andre Durand (who continues to be the CEO), and it was acquired by Vista in 2016 for about $600 million — at a time when a clutch of enterprise firms that regarded like sturdy IPO candidates have been going the personal fairness route and staying personal as a substitute.
However extra just lately, there was a surge in demand for higher IT safety linked to id and authentication administration, so it appears that evidently Vista Fairness is promoting up. The PE agency is making the most of the truth that the market’s presently very sturdy for tech IPOs, however there’s a lot M&A in enterprise proper now (simply yesterday VMware acquired not one but two companies, Carbon Black for $2.1 billion and Pivotal for $2.7 billion) that I can’t assist however marvel if one thing may transfer right here too.
The S-1 reveals various particulars on the corporate’s financials, indicating that it’s presently unprofitable however on a gentle progress curve. Ping had revenues of $112.9 million within the first six months of 2019, versus $99.5 million in the identical interval a yr earlier than. Its loss has been shrinking in recent times, with a web lack of $3.1 million within the first six months of this yr versus $5.eight million a yr earlier than (notably in 2017 total it was worthwhile with a web earnings of $19 million. It appears that evidently the change is because of acquisitions and investing for progress).
Its annual run charge, in the meantime, was $198 million for the primary six months of the yr, in comparison with $159.6 million in the identical interval a yr in the past.
The realm of id and entry administration has turn out to be a cornerstone of enterprise IT, with firms in search of environment friendly and safe methods to centralise how not simply their staff, however their clients, their companions and varied related gadgets on their networks might be authenticated throughout their cloud and on-premise purposes.
The demand for safe options protecting all of the totally different features of an organization’s IT stack has grown quickly over current years, spurred not simply by an elevated transfer to centralised purposes served by way of the cloud, but in addition by the drastic rise in breaches the place malicious hackers have exploited vulnerabilities and loopholes in firms’ sign-on screens.
Ping has been one of many larger firms constructing providers on this space and tackling all of these use circumstances, competing with the likes of Okta, OneLogin, AuthO, Cisco and dozens extra off-the-shelf and custom-built options.
The corporate provides its providers on an SaaS foundation, protecting providers like safe sign-on, multi-factor authentication, API entry safety, personalised and unified profile directories, information governance and AI-based safety insurance policies. It claims to be the pioneer of “Intelligent Identity,” utilizing AI to assist its system analyse person, system and community conduct to raised determine probably malicious exercise.
Extra to come back.