Ping Identity, a provider of identify management solutions, this week announced that it has closed a massive funding round of $44 million, led by W Capital Partners and DFJ Growth.
The Denver-based company says that more than 1,000 organizations, including half of the Fortune 100, and more than 300 SaaS vendors use its identity solutions to provide end users with one-click access to any application from any device.
The massive cash infusion will help the company accelerate the completion of its next-generation platform for identity security.
“Over the past five years, Identity has emerged as the cornerstone of security, convenience and control in a world dominated by mobility, federated business and dissolving borders,” said Andre Durand, CEO of Ping Identity. “We’re reimagining everything as we redefine how identity management can scale to Internet and cloud proportions, serving billions of users, devices, and services over the course of the next decade.”
According to IDC predictions, by 2020, “90 percent of IT industry growth will be driven by [technologies] that, today, represent just 22 percent of ICT [information and communications technology] spending. For a $4.6B IAM market projected to grow $1.5B in the next 3 years, much is at stake.”
“The significance of this capital raise fortifies our ability to innovate and bring to market solutions that customers rely on to power their business. The participation of our existing shareholder base speaks loudly to their continued enthusiasm in the pace of our progress and the market opportunity that lies ahead for us,” said Michael Sullivan, CFO of Ping Identity.
Existing investors also participated in the round, including General Catalyst Partners, Draper Fisher Jurvetson, Volition Capital, Triangle Peak Partners, SAP Ventures, and Appian Ventures, with debt provided by Silicon Valley Bank. W Capital Partners will also join the Ping Identity board of directors, the company said.