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Ping Identity plans public offering, partners with iboss on enterprise SSO

Also appoints chief legal officer
Ping Identity plans public offering, partners with iboss on enterprise SSO

Ping Identity has announced the start of an underwritten public offering of 10 million shares of common stock by investment funds affiliated with Vista Equity Partners, and also formed a new partnership to ease enterprise adoption of zero trust postures and secure digital identity.

The company went public in 2019, and with Ping stock trading above $28, the public offering could potentially bring the shareholding funds as much as $280 million.

The selling stockholders will also grant the underwriters a 30-day option to purchase up to an additional 1.5 million shares of Ping Identity’s common stock.

Ping Identity will reportedly not receive any of the proceeds from the sale of the shares being offered by the selling stockholders. It will, however, bear the costs associated with the sale of the shares, excluding underwriting discounts and commissions.

Investment bank Morgan Stanley is acting as the sole underwriter for the proposed offering, which is currently subject to market and other conditions.

Ping Identity names new chief legal officer

On the same day as announcing its public offering, Ping Identity also confirmed the hire of Shalini Sharma as the company’s new chief legal officer.

Sharma will lead Ping Identity’s legal department starting January 10, 2022, and will provide the firm with legal advice for issues around governance, IP, compliance, privacy, labor, commercial, and strategic transactions.

The legal expert will join Ping Identity from Vantage Data Centers, where she oversaw legal and corporate governance and compliance. Before that, Sharma was the assistant general counsel and chief privacy officer at Broadridge Financial Solutions.

The hire comes months after Ping Identity appointed Jason Kees as its new chief information security officer (CISO).

Ping Identity partners with iboss on SSO solutions

Following the beginning of the partnership, the iboss Cloud Platform will be integrated within the PingOne Cloud Platform to enable users to remotely connect to any cloud application on any device.

Both companies use Security Assertion Markup Language (SAML) standards to authenticate user privileges to access a cloud application.

SAML enables IT to securely control what applications users can access based on zero trust policies configured and the user’s role.

The iboss integration with Ping Identity will now enable real-time provisioning of users and immediate policy application and enforcement.

“User experience is a priority, but it shouldn’t come at the expense of security,” explained Loren Russon, VP of Product Management at Ping Identity.

“The integration of Ping Identity and iboss enables customers to optimize both, by allowing organizations to connect users quickly and securely to any cloud application, from anywhere.”

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