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.