Thursday June 2, 2016 0 comments
DENVER -- Ping Identity, a leader in Identity Defined Security, announced it has been acquired by Vista Equity Partners (“Vista”), a leading private equity firm focused on software, data and technology-enabled businesses.
Ping said the acquisition will allow the company to accelerate growth and innovation through strategic acquisitions and focused investment in its leading enterprise Identity-as-a-Service (IDaaS) capabilities, which places identity at the core of enterprise security.
“This is a great day for Ping Identity, as the investment validates what we’ve built: the leading Identity and Access Management platform,” said Andre Durand, Ping Identity CEO.
“Enterprises require a partner who can effectively integrate every technology stack and cloud platform to provide secure access for their users. With Vista, we can now accelerate our vision of creating a borderless world secured through identity.
“The Ping team is excited to begin this next phase for Ping Identity and to broaden its reach into new markets.”
Ping Identity joins Vista with strong customer growth and business momentum. The company’s annual recurring revenue (ARR) grew by more than 40 percent in 2015, and ARR is expected to reach more than $100 million in 2016. Ping Identity leads a new era of identity management by ensuring secure access to the digital enterprise, seamlessly connecting all users - employees, partners and customers - to all applications, whether mobile, cloud or legacy.
More than 1,500 of the world’s most demanding enterprises, including over half of the Fortune 100, trust the Ping Identity Platform to accelerate their move to the cloud, deliver a rich customer experience and quickly onboard partners as part of their digital transformation.
"Identity is the new strategic imperative for winning in the digital economy,” said Robert F. Smith, Vista chairman, founder and CEO.
“With the Internet of Everything upon us, it is more important than ever to protect and secure access to any application through identity. Vista recognizes the power of Ping's platform and the strength of Ping's business model, and we’re looking forward to working with Andre to support Ping’s growth in the dynamic and strategic field of identity management.”
The transaction is expected to close in the third quarter of this year. Financial terms of the acquisition were not disclosed.
Vista Equity Partners is a U.S.-based private equity firm with offices in Austin, Chicago and San Francisco, with more than $24 billion in cumulative capital commitments.