Ping Identity reported to be in preparation for IPO at up to $3 billion valuation
Ping Identity is being prepared for an initial public offering which could value it at between $2 billion and $3 billion, including debt, Reuters reports, and the company has announced it is now providing the Ping Intelligent Identity Platform to all 12 of the largest banks in the U.S.
Unnamed sources told Reuters that Vista Equity Partners, the buyout firm that acquired Ping in 2016 for $600 million, has hired investment banks, led by Goldman Sachs to prepare the IPO. None of the companies have commented on the report.
IPOs are not Vista Equity’s usual course of action, according to Reuters. In the case of Ping, it may look to cash in on the environment in which Okta shares grew 275 percent since a 2017 IPO, for a nearly $7 billion market capitalization. Reuters also notes that Duo Security was acquired by Cisco for $2.35 billion earlier this year, suggesting ample investor confidence in multi-factor authentication providers.
Vista Equity sold Marketo, a marketing software company, to Adobe earlier this year for $4.75 billion, making nearly $3 billion in only two years since it taking it private.
The top 12 U.S. banks by assets, with a combined $12.9 trillion, all now use Ping Identity to secure identity and profile data, streamline user experiences, and comply with regulations, according to the announcement.
“Financial services providers face more than their fair share of challenges, and our solutions are designed to help meet stringent security mandates and regulations—without compromising personalized experiences,” comments Ping Identity CEO Andre Durand. “We’re honored to be trusted by more than 275 of the largest financial services enterprises in the world, helping them meet their security and customer experience needs.”
Ping recently launched an IDaaS product for enterprise app developers.
The company today announced the addition of two new executives to its leadership team. Kris Nagel joins as Chief Operating Officer and Ed Roberto joins as General Manager, Cloud Software.