Looking towards an initial public offering in the near future, Ping Identity
closed on a whopping $44 million in venture capital led by W Capital Partners and DFJ Growth, with participation from a host of existing investors.
The money will accelerate development of Ping Identity's next-generation identity-security platform.
"We pushed the ball uphill for years and now we're chasing it downhill," says CEO and Founder Andre Durand. "Everything related to our products is accelerating. This is going to allow us to respond to that."
The company has boomed as large enterprises adopt its "one click access" Cloud Identity Management Platform, consisting of PingOne, "on-demand workforce identity management" and and PingFederate, an "enterprise identity bridge."
Ping Identity has been outpacing the 11 percent annual growth of the $2.6 billion identity and access management (IAM) sector, as revenue has increased by 50 percent since 2010. Total revenue now exceeds $50 million a year.
Ping Identity now has 1,000 customers worldwide -- including half of Fortune 100 companies -- and 335 employees at offices in Denver, Boston, Vancouver, London, San Francisco, Salt Lake City, Istanbul, and Halifax.
About 100 employees work at the Denver headquarters, up from 90 at the beginning of 2013. Durand projects hiring 115 new employees across all of the company's offices by mid-2014, but says job growth at the Denver HQ is "hard to say."
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