Friday September 19, 2014 0 comments
DENVER - Ping Identity announced a $35 million investment round led by global investment firm KKR with participation from Ten Eleven Ventures, a new fund founded by security entrepreneur Alex Doll.
Others taking part were existing investors Draper Fisher Juvetson, General Catalyst Partners, SAP Ventures, W Capital Partners, Volition Capital, Triangle Peak Partners and Appian Ventures.
The new funding round brings the total investment funding to Ping Identity to $110 million.
"Identity security is hot, and it is a market in the midst of a massive technology shift that will reshape the entire industry," said Andre Durand, Ping's founder and CEO.
"This funding is further recognition that Ping Identity has built the largest independent identity company, and we are positioned to extend that growth as an enduring independent company."
Ping Identity said it will use the new funding to support its rapid growth, product innovation and international expansion as market demand increases for identity security solutions that address evolving consumer and enterprise security in a post-password world.
"Identity management has changed as customer use cases from increasingly mobile and cloud connected enterprises have strained legacy IAM," said Doll.
"Ping Identity's approach to solving the problem at the infrastructure level is unique, enhancing identity management through convenient integrations to existing identity subsystems, enhanced security, standards-based federation and facilitating all deployment modes from on-premise to pure cloud."