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Ping Identity Completes $13 Million Series C Financing |
Ping Identity Corporation, a provider of Internet-scale identity technology for enabling secure business collaboration, has completed 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," Mark said.
“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,” Andre said.
“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,” David said.
“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,” Dave said.
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