Ping Identity Acquisition, Valuation, Funding & Investors

Ping Identity was acquired by Thoma Bravo for $2.8B in August 2022, a 9.4x multiple on $299M of revenue.

Ping Identity acquisition price

$2.8B

Acquired by Thoma Bravo · Aug 2022

Ping Identity revenue at acquisition

$299M

Last twelve months · Aug 2022

Ping Identity revenue multiple at acquisition

9.4x

EV/Revenue · Aug 2022

Cumulative funding Ping Identity raised

$81M

across 4 funding rounds

Ping Identity Overview

About Ping Identity

Denver-headquartered Ping Identity is a provider of cloud-based identity and access management software. Founded in 2002, the Ping Intelligent Identity Platform enables Zero Trust security, personalized user experiences, and secure access to cloud, mobile, SaaS, on-premises applications, and APIs for customers, employees, partners, and IoT devices. It manages identity and profile data at enterprise scale for companies and government organizations via https://www.pingidentity.com.


Founded

2002

HQ

United StatesDenver, CO

Status

Acquired

Customer focus

B2B & B2G

Revenue model

Subscription

Revenue

$299M (Aug 2022)

Valuation

$2.8B (acquired Aug 2022)

Ping Identity Acquisition

Ping Identity was acquired by Thoma Bravo for $2.8B on 3 August 2022.

The acquisition price implies a 9.4x revenue multiple on $299M of revenue.

Before the acquisition Ping Identity had raised $81M across 4 funding rounds.

Ping Identity agreed on August 3, 2022 to be acquired by Thoma Bravo for 28.50 dollars per share in an all-cash transaction valued at an enterprise value of approximately 2.8 billion dollars. The price was a premium of about 63 percent over the closing price on August 2, 2022 and 52 percent over the 60-day volume weighted average price. Chief executive Andre Durand called the deal a testament to its enterprise identity solutions and the team. Thoma Bravo partner Chip Virnig said Ping Identity was well positioned to capitalise on opportunities in the 50 billion dollar enterprise identity security market. Ping Identity, based in Denver and listed on the New York Stock Exchange under the ticker PING, had been backed by Vista Equity Partners. It became private on completion and later combined with ForgeRock.

Ping Identity acquisition details
AcquirerDateTypePriceEV/Revenue
  • Thoma Bravo
3 Aug 2022PE buyout$2.8B9.4x

Sources: thomabravo.com, thomabravo.com

Ping Identity Funding History

Ping Identity has raised a total of $81M across 4 funding rounds.

Ping Identity's first fundraising round was a $44M Series E in July 2013. The most recent completed round was a $35M Series F in September 2014.

Ping Identity funding rounds

Ping Identity funding rounds
DateStageInvestorsRaisedDeal Summary
Sep 2014Series FKKR (lead); General Catalyst; DFJ Element; Ten Eleven Ventures; Volition Capital; Triangle Peak Partners; Appian Ventures; Sapphire Ventures; W Capital Partners$35MPing Identity, an enterprise identity security company founded to secure online identity in the post-password era, raised $35 million in Series F funding led by KKR in September 2014. The round included participation from new investor Ten Eleven Ventures and existing investors Draper Fisher Jurvetson, General Catalyst Partners, SAP Ventures, W Capital Partners, Volition Capital, Triangle Peak Partners, and Appian Ventures, bringing total fundraising to $110 million. The company reported having 1,200 customers at the time, including half of the Fortune 100. Ping Identity stated it would use the funding to support rapid growth, product innovation, and international expansion as demand increased for identity security solutions. The company positioned itself as the largest independent identity company and CEO Andre Durand expressed confidence in executing on Ping's mission as an independent entity. Following this 2014 investment, Ping Identity's annual recurring revenue grew sharply, and the company was later acquired by Vista Equity Partners.
Jun 2014Seed-$1M-
Nov 2013Pre-seed-$900K-
Jul 2013Series EDFJ Growth (lead); W Capital Partners (lead); General Catalyst; Avista Partners; Volition Capital; Triangle Peak Partners; Appian Ventures; Silicon Valley Bank; Sapphire Ventures$44MPing Identity, a provider of identity management, multi-factor authentication, and single sign-on solutions, operated a traditional enterprise software licensing business with perpetual licenses prior to 2013. In 2013, the company generated approximately $75 million in one-time revenue while shifting its business model to a subscription-based approach. This transition required significant financing, with Ping raising about $80 million between 2013 and 2016 out of a total of $128 million to fund the cash flow deficit during the changeover. This capital supported the model's evolution from one-time license sales to recurring revenue streams. By the end of 2016, Ping had successfully converted its $75 million in 2013 one-time revenue to over $100 million in recurring revenue, marking a three-year transformation. The company achieved high gross margins ahead of industry norms, 40% year-over-year growth, and over 90% recurring GAAP revenue, turning an operating profit by late 2015. ARR was projected to surpass $100 million in two to three quarters from October 2015. Later financials show continued expansion, with ARR reaching $183.6 million by December 2018 and revenue growing to $201.6 million that year from $172.5 million in 2017. Full-year 2021 revenue hit $299.4 million, with subscription revenue at $279.3 million and ARR at $312.7 million, reflecting strong SaaS adoption. Ping eyed an IPO around 2016-2017 and eventually went public.

Who has invested in Ping Identity?

12 investors have backed Ping Identity across its funding rounds, including General Catalyst, Sapphire Ventures, Volition Capital, Triangle Peak Partners, W Capital Partners and Appian Ventures.

Lead investors include KKR, DFJ Growth and W Capital Partners.


Ping Identity Investors

Investors in Ping Identity by funding rounds participated
InvestorHQRoundsRoleFirst check
General CatalystUnited StatesCambridge, MA2ParticipantJul 2013
Volition CapitalUnited StatesBoston, MA2ParticipantJul 2013
Triangle Peak PartnersUnited StatesSan Francisco, CA2ParticipantJul 2013
Appian VenturesUnited StatesDenver, CO2ParticipantJul 2013
Sapphire VenturesUnited StatesAustin, TX2ParticipantJul 2013
W Capital PartnersUnited StatesNew York City, NY2LeadJul 2013
KKRUnited StatesNew York City, NY1LeadSep 2014
Avista PartnersUnited KingdomLondon1ParticipantJul 2013
DFJ ElementUnited StatesPhiladelphia, PA1ParticipantSep 2014
Ten Eleven VenturesUnited StatesSan Francisco, CA1ParticipantSep 2014

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by Ping Identity

Ping Identity has acquired 10 companies to date.

Last acquisition by Ping Identity was on October 30th 2025. Ping Identity acquired Keyless for undisclosed valuation.


Latest Acquisitions by Ping Identity

Keyless
Procyon
ForgeRock
Singular Key
Description
Keyless is a Milan-headquartered cybersecurity firm providing biometric authentication via face and voice recognition without storing personal data. Founded in 2016, its SDK integrates with Okta and Ping Identity, securing 50 million logins monthly for banks like Santander. Keyless complies with FIDO2 standards and GDPR, preventing 99.9 percent of account takeover attempts.
Procyon Corp is a United-based company, through its subsidiary, it is engaged in developing and marketing proprietary medical products used to treat pressure ulcers, stasis ulcers, wounds, dermatitis, inflammation, and other skin problems. Its wound care products are sold through distributors to institutional customers such as hospitals, wound care clinics, skilled nursing facilities, home health agencies, and physicians and other healthcare practitioners. The firm's product lines are AMERX, AMERIGEL, and HELIX3 Bioactive Collagen. The skin and wound care products are marketed under the trademark AMERIGEL which contains the proprietary ingredient OAKIN which promotes wound healing and healthy skin. The corporation markets its products in the United States.
ForgeRock is a multinational software provider of open-source identity and access management solutions deployed by enterprises worldwide. The ForgeRock Identity Platform handles authentication for customers, employees, and IoT devices, complying with GDPR and HIPAA regulations. Clients include Vodafone, Toyota, GEICO, and governments of Norway and Canada from offices in the United States, Europe, and Asia.
Singular Key is a cybersecurity firm offering no-code identity security orchestration and automation for passwordless verification. Its platform reduces operational expenses by streamlining access management and multi-factor authentication processes for enterprises.
HQ CountryUnited KingdomUnited StatesUnited StatesUnited States
HQ City
London
-
San Francisco, CA
San Jose, CA
Deal Date30 Oct 20251 Aug 202511 Oct 202227 Sep 2021
Valuationundisclosedundisclosed$2.3B$73M
EV/Revenue
EV/EBITDA

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Investments by Ping Identity

Ping Identity has invested in 1 company to date.

Latest investment by Ping Identity was on June 21st 2022. Ping Identity invested in Allthenticate in their $3M Seed round.


Latest Investments by Ping Identity

Allthenticate
Description
Allthenticate is a cybersecurity firm offering passwordless authentication via smartphones for physical and digital access. Founded in 2019 in San Francisco, its distributed ecosystem uses software security modules compatible with FIDO2 standards for doors, laptops, and websites. The cloud dashboard manages enterprise users, resources, and audit logs, serving pilots with Fortune 500 firms in tech and finance.
HQ CountryUnited States
HQ City
Houston, TX
Deal Date21 Jun 2022
RoundSeed
Raised$3M
InvestorsAmplify.LA; Silverton Partners; Santa Barbara Angel Alliance
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Ping Identity Competitors

Ping Identity competitors include listed companies like QiAnXin and Venustech Group, and private ones like Illumio, Transmit Security, JumpCloud and Claroty.

Public and private companies comparable to Ping Identity
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
IllumioUnited StatesSan Francisco, CAPrivate--$2.8B-
Transmit SecurityUnited StatesBoston, MAPrivate$100M-$2.7B27.4x
JumpCloudUnited StatesLouisville, KYPrivate$56M-$2.6B46.9x
QiAnXinChinaChinaPublicly listed$659M($147M)$2.6B4.3x
ClarotyUnited StatesNew York City, NYPrivate$200M-$3B15.0x
Venustech GroupChinaChinaPublicly listed$351M($60M)$2.6B6.2x

Ping Identity Public Comps

Ping Identity is no longer listed, but its public comps include QiAnXin, Venustech Group, Cellebrite, NetScout Systems, AvePoint, Glory View Technology, A10 Networks, Progress Software, CETC Cyberspace Security and Secunet.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
QiAnXin$659M($147M)4.3x4.3x(19.2x)(45.6x)
Venustech Group$351M($60M)6.9x6.2x(40.3x)200.9x
Cellebrite$476M$79M5.7x5.0x34.2x17.9x
NetScout Systems$859M$163M2.1x2.0x11.1x7.5x
AvePoint$419M$42M7.4x6.2x73.2x34.3x
Glory View Technology$177M$54M29.5x30.3x97.5x99.3x
A10 Networks$291M$62M5.7x5.0x26.6x16.5x
Progress Software$978M$302M3.0x2.8x9.7x7.3x

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Common questions about Ping Identity

When was Ping Identity founded?Ping Identity was founded in 2002.
Where is Ping Identity headquartered?Ping Identity is headquartered in Denver, CO, United States.
Is Ping Identity publicly listed?No, Ping Identity was acquired by Thoma Bravo in August 2022.
Who acquired Ping Identity?Ping Identity was acquired by Thoma Bravo in August 2022.
How much was Ping Identity acquired for?Ping Identity was acquired for $2.8B in August 2022, a 9.4x revenue multiple.
How much funding has Ping Identity raised?Ping Identity has raised $81M across 4 funding rounds.
What was Ping Identity's last funding round?Ping Identity's last funding round was a $35M Series F in September 2014, led by KKR.
Who are Ping Identity's investors?Ping Identity's investors include General Catalyst, Volition Capital, Triangle Peak Partners, Appian Ventures, Sapphire Ventures, W Capital Partners, KKR, Avista Partners, DFJ Element, Ten Eleven Ventures and 2 others.
Which companies are comparable to Ping Identity?Companies comparable to Ping Identity include Illumio, Transmit Security, JumpCloud, QiAnXin, Claroty and Venustech Group.
How many companies has Ping Identity acquired?Ping Identity has acquired 10 companies, including Keyless, Procyon, ForgeRock, Singular Key and SecuredTouch.
What was the largest acquisition by Ping Identity?The $2.3B acquisition of ForgeRock in October 2022 is the largest acquisition Ping Identity has made to date.
How many companies has Ping Identity invested in?Ping Identity has invested in 1 company, including Allthenticate.
What was Ping Identity's last investment?In June 2022, Ping Identity invested in Allthenticate's $3M seed round alongside Amplify.LA, Silverton Partners and Santa Barbara Angel Alliance.

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