By
Temitope Olatunji
March 11th, 2024
In recent news, Ping Identity, a Colorado-based online ID-management company, has filed for an IPO on the NASDAQ exchange under the ticker “PING”.
Recently, Ping Identity filed an S-1 form to the U.S. SEC (Security and Exchange Commission) which indicates that the company is looking to raise up to $100 million in an IPO on the Nasdaq exchange with a ticker “PING”. The initial S-1 filing doesn’t have an indicated price range, but it is said that Ping is aiming for a valuation around from $2 billion to $3 billion.
Ping Identity was founded in 2001 and operates as a SaaS (Software as a Service) and offers secure log-in’s, multi-factor authentication, AI-based security policies, API access security and more.
The company claims to be the pioneer of “Intelligent Identity”. That was a system which was using AI in order to analyze network, user and device behavior to better learn how to prevent and identify potential malicious activity.
While the initial CEO of the company Andre Durand is still on board, the company got sold to Vista in 2016 for about $600 million. While experts say that the company is not yet profitable, the statistics show that it is on a steady rise. Going from $99.5 million in revenue in 2018 first six months, which now has grown out to $112.9 million in 2019. Also, the company’s net loss has also shrunk from $5.8 million in 2018 to $3.1 million in 2019 first six months.
Ping Customer Survey
Since Ping is one of the leading internet identity companies in the world, they need to know what their customers want and what their reactions and actions in certain situations would be. So, in this particular survey, they were questioning people about a situation when a company has experienced a security breach.
The survey took place in the U.K., U.S., France, and Germany, and it found out that around 78% of people would stop engaging with the company/brand online after a data/security breach. Also – around 36% of respondents would stop engaging altogether. Moreover, an interesting measure is that the survey found out that almost half of the respondents, or 49%, would not want to sign up to an application or an online service that recently experienced a security breach.
When speaking about general respondent security measures, the survey found out that 54% of the people are more concerned about their online privacy as they were a year ago.