Ping Identity Completes $13 Million Financing
Investment In Federated Identity And Web Single Sign-On Underscores Market Demand For Secure Business Collaboration
DENVER, CO – Oct. 11, 2006
Ping Identity Corporation, a provider of Internet-scale identity technology for enabling secure business collaboration, having just completed a record quarter in sales and new customer wins, today announced the completion of a $13 million Series C financing. Appian Ventures of Denver, Colorado led the round, with full participation from existing investors Draper Fisher Jurvetson, General Catalyst Partners, Fidelity Ventures, SAP Ventures and I-Vent.
“After five years of incubation, application outsourcing and the need to secure cross-company interactions are driving federated identity and cross-company single sign-on into significant mainstream adoption. Ping Identity is leading that charge,” said Mark Soane, managing director, Appian Ventures. “We rarely come across a company that has established such a dominant position in an emerging market and combined it with such a well-articulated plan to execute against the larger vision. We’re pleased to participate in helping Ping Identity accelerate the evolution of the truly secure global enterprise and business as we know it.”
“2006 is an exciting time to be involved in the identity industry. Enterprise identity, end-user identity and open source identity technologies are colliding; the outcome of this collision will no doubt give rise to the identity and security infrastructure required to move beyond today’s Internet security challenges,” said Andre Durand, CEO of Ping Identity. “For five years, Ping Identity has helped enterprises extend internally-focused identity management systems to the Internet. You can expect to see Internet identity technologies from Ping Identity transform how we interact both with each other and with business over the Internet.”
“Ping Identity is an innovative, growth-oriented company that strives to build an enduring business in the identity market,” added David Orfao, managing director, General Catalyst Partners. “Ping Identity’s foothold in the enterprise market for federated single sign-on, experience in open source and visions to build the first Internet-scale identity platform puts it in an enviable position of being one of the few companies that now has the wherewithal to accelerate the markets’ convergence.”
“Securing and personalizing our interactions with each other and between businesses over the Internet is critical as business becomes more collaborative,” said Raj Atluru, managing director, Draper Fisher Jurvetson. “Federated identity and Single Sign-on deliver Internet-scale security to businesses around the world.”
“Federated identity enables stronger, smarter security for interactions between users and businesses,” said Dave Power, partner, Fidelity Ventures. “Ping Identity is one of the few companies that customers feel they can collaborate with to solve some of the most challenging aspects of their quest to interact with customers and partners over the Internet.”
About Ping Identity Corporation
Ping Identity is uniquely dedicated to delivering Internet-scale Identity software and services that are transforming how organizations work with employees, customers and business partners. Our open and flexible approach offers best-of-breed software complemented with best-in-class service that exceeds the ever-expanding needs of customers like Boeing, Cisco, New York Life and Pulte Homes. Sign on to Ping Identity; sign on to what’s next. For more information, please visit www.pingidentity.com.
About Appian Ventures
Appian Ventures is a Denver, Colorado-based venture capital firm focused on Applied Connectivity technologies that enable timely, efficient, and useful access to enterprise information across a network of connected users. Appian Ventures targets investments in real-time enterprise applications and infrastructure management software companies. Additional information about Appian Ventures can be found at www.appianvc.com.
About General Catalyst
General Catalyst Partners is a private equity firm that invests in exceptional entrepreneurs and technical founders who are building the software solution and technology platform companies that will lead innovation and transform industries. Founded in 2000, General Catalyst Partners leverages its principals’ extensive operational, business development and technological expertise to provide portfolio companies with a catalyst for success through business building and partnership development assistance. General Catalyst is headquartered in Cambridge, Mass. www.generalcatalyst.com.
About Fidelity Ventures
For over 35 years, Fidelity Ventures has played a vital role in the development of more than 100 information technology and communications companies including GeoTel Communications, Teleport, COLT Telecom, ONI Systems, WaveSmith, Connected and Airespace. Fidelity Ventures is able to leverage a unique combination of resources, including a global network of CIOs and IT executives, to help portfolio companies accelerate their market entrance at one of the most critical times in a company’s life cycle: the Go-to-MarketSM stage. Fidelity Ventures currently manages more than $800 million in venture capital, and invests in U.S.-based companies out of its Boston office, and in European companies out of its London office. For more information, visit www.fidelityventures.com.
About Draper Fisher Jurvetson
Draper Fisher Jurvetson is the only venture capital firm with global presence through a network of affiliated funds, with offices in more than 30 cities around the world and more than $3.5 billion in capital commitments. DFJ’s mission is to identify, serve and provide capital for extraordinary entrepreneurs anywhere who are determined to change the world. Over the past twenty years, DFJ has been proud to back approximately 300 companies across many sectors including such industry changing catalysts as Hotmail (acquired by MSFT), Baidu (BIDU), Skype (acquired by EBAY), United Online (UNTD), Overture (acquired by YHOO), Interwoven (IWOV), 411 (acquired by YHOO), Parametric (PMTC), and Digidesign (acquired by AVID). For more information, visit: www.dfj.com.