Ping Identity releases biometric passwordless authentication solutions, reports revenue gains
Ping Identity has introduced two new solution packages for passwordless authentication and reported a swing back towards protiability, in a pair of company announcements.
Ping Identity’s two new workforce and customer authentication solution packages with single sign-on (SSO), multi-factor authentication (MFA), user directory and Ping Professional Services to improve enterprise centralized authentication services.
The company says Customer360 improves customer retention and experience by providing seamless registration, login, multi-factor authentication and self-service profile management through passwordless authentication options. The MFA features range from SMS or email to biometric fingerprints or facial recognition scanning from a mobile app.
Workforce360 for workforce identity delivers a centralized authentication solution with MFA that operates across diverse hybrid IT environments such as SaaS, legacy and cloud applications.
Both solutions leverage cloud-ready software, Identity-as-a-Service capabilities, and Ping Professional Services. They can be rolled out in any cloud environment and authenticate users in any scenario.
“With the ability to deploy quickly in any cloud—whether it be public, private, or a hybrid environment—our new solutions will help global enterprises efficiently tackle and simplify some of their most complex security and user productivity challenges, while enabling line of business initiatives and supporting corporate IT teams with advanced use cases,” said in a prepared statement Loren Russon, vice president of product management, Ping Identity. “With a focus on the workforce and customer identity experiences, companies will be able to swiftly implement these market leading capabilities throughout their organizations to accelerate digital transformation objectives.”
Financial results improve in 2019
Ping Identity has released its financial details for Q4 and the 2019 fiscal year, which show significant net revenue gains. Some of the financial highlights include an Annual Recurring Revenue (ARR) of $224.9 million, up 23 percent from the prior year period, a total Q4 revenue of $68.2 million, with a 94 percent subscription revenue, and 38 customers that spend more than $1.0 million in ARR, respectively a 52 percent year-over-year increase.
The company reports a 21 percent increase in gross revenue from 2018 to 2019, to $242.9 million. Ping finished the 2019 year with a net loss of $1.5 million, or $0.02 per diluted share, a net improvement of almost $12 million from the previous year.
Recent business highlights include partnering with a Fortune 500 telecom customer to roll out the Ping platform in Amazon Web Services, counting 1,361 customers at the end of 2019, noticing positive results with PingIntelligence and signing a contract with a Fortune 100 financial services company. Ping Identity has refinanced a term loan and predicts a 250 basis-point annualized interest rate improvement.
“Total ARR grew 23 percent versus the prior year period, which we believe provides the best representation of the underlying health of the business. We’ve continued to responsibly manage this growth and investment in innovation with profitability that has resulted in an improvement from a net loss of $2.1 million in the fourth quarter of 2018 to net income of $2.2 million this quarter,” said in a prepared statement Raj Dani, Chief Financial Officer of Ping Identity.
“Our Adjusted EBITDA margin was 18 percent for the quarter and 21 percent for the year. Our 38 customers with over $1.0 million in ARR is a testament to the performance, durability, and mission critical nature of our solutions within the most strategic areas of our large enterprise customers.”
Ping expects gross revenue in fiscal 2020 earnings in the $263 million to $273 million range.
Last month Ping Identity appointed Patrick Harding as Chief Product Architect.