Security & Fraud

Ping Identity Plans To Raise $100M With Public Listing

Ping Identity, IPO, ID security, Public, Nasdaq, Vista

The Colorado-based online ID management company Ping Identity is going public and is trying to raise up to $100 million in an IPO on the Nasdaq exchange under the ticker “Ping,” reports said on Friday (Aug. 23).

Founded in 2001, Ping is said to be looking at a valuation of $2-$3 billion.

The original founder Andre Durand is still on board, although the company was acquired in 2016 by Vista for about $600 million. The demand for improved security and authentication is growing in part due to the rise in hackers, the article said.

The company’s S-1 filing shows that it is not yet profitable but shows promise, with $112.9 million in revenue in the first six months of 2019 versus $99.5 million in the same period in 2018. Its net loss was $3.1 million in the first six months of 2019 versus $5.8 million a year before.

Ping is a Software as a Service (SaaS) offering secure sign-on, multi-factor authentication, AI-based security policies and more. The company said it is blazing a trail in “Intelligent Identity,” using AI to identify attempts at unauthorized access.

The Ping Identity 2018 Consumer Survey: Attitudes and Behavior in a Post-Breach Era, found that many consumers are making changes in how they interact with companies to ensure their own personal data is protected from a breach. It surveyed more than 3,000 people in the U.S., U.K., France and Germany and found 78 percent of respondents would stop engaging with a brand online — and more than one third, or 36 percent, would stop engaging altogether — if the brand had experienced a breach. What’s more, the survey found that nearly half, or 49 percent, would not sign up to use an online service or application that recently experienced a data breach. 

Almost half of the respondents have made changes to the way they secure their personal data as a result of recent breaches, and over half, or 54 percent, are more concerned with protecting their personal information today than they were a year ago.

 

——————————

NEW PYMNTS STUDY: LEVERAGING THE DIGITAL BANKING SHIFT – SEPTEMBER 2020  

The September 2020 Leveraging The Digital Banking Shift Study, PYMNTS examines consumers’ growing use of online and mobile tools to open and manage accounts as well as the factors that are paramount in building and maintaining trust in the current economic environment. The report is based on a survey of nearly 2,200 account-holding U.S. consumers.

TRENDING RIGHT NOW