Another major player in enterprise cybersecurity filed an initial public offering (IPO): Ping Identity. What does the Ping Identity IPO mean for identity and access management?
Today, Colorado-based identity solution provider Ping Identity publicly filed a registration on Form S-1 with the U.S. Securities and Exchange Commission (“SEC”). In this registration, Ping Identity proposed an official IPO of its common stock; the number of shares offered and the price range for the shares remain unconfirmed. However, Ping Identity does seek to raise $100 million through its public offering. Additionally, it shall trade on the Nasdaq Global Market under the ticker symbol “PING.”
Ping Identity was founded in 2001; its founder, Andre Durand, continues to serve as its CEO. Vista Equity acquired Ping Identity in 2016; according to reports, they began exploring a public offering for Ping about 8 months ago.
What the Ping Identity IPO Means For Cybersecurity
First, we have to examine the Ping Identity IPO in context. Recently, industry experts cybersecurity companies have increasingly filed IPOs. Examples include endpoint protection platform providers Carbon Black and CrowdStrike. As a rule, these IPOs have met with success.
Indeed, we can conjecture the reason for this rush of cybersecurity IPOs; enterprises increasingly look to solutions to help them prevent and mitigate data breaches. As the rate of data breaches continues to accelerate, more and more investors simultaneously recognize the current and future demand for identity and access management.
Ping Identity’s marketing moves indicate several changes in the cybersecurity discourse over the past few years. For example, identity must now serve as the digital perimeter for enterprises, as it is the major attack vector of every network. Also, most threat actors compromise credentials to gain access to enterprise infrastructures.
The demand for identity management continues to grow. Therefore, the market will respond in kind.
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