One Vendor has made an entrance in disrupting the identity and access management market, Ping Identity.
Ping Identity is a provider of identity security; they went public back in September at $15 with an opening trade of $18.75. After the IPO, it hit a high of $28.01, which was reached in January. Its been seen recently trading around $25 a share, giving it a market cap of $1.98 billion, which is 7.5 times the 2020 consensus revenue estimate of $265.3 million.
With their modern platform, it helps handles identity management for employees, customers, and partners. In 2018 the customer use case accounted for roughly 44% of the companies subscription revenue, which is growing faster and offers a much bigger market opportunity than what they are seeing with employee use cases.
Ping Identity was founded in 2002, with its first customer being a financial service company. One amazing feat is that there customer base of 1,300+ includes more than half of the Fortune 100. Showing that they are working too have a big customer base and not just doing it based on a whim but showing use cases and giving live data on how they can really go about and help the market with identity security.
The platform is much more suited to function with modern workloads and architectures. At the same time, many large enterprises are using multi-generational IT, So identity solutions need to be able to integrate back to legacy on perm applications. Ping gives those large enterprises an opportunity in more of a hybrid type architectures.
Roughly six years ago, Ping had a single sign-on vendor, and today they have moved to multi-factor authentication, access security, data governance, and API security. In a world that things are needed to be more secure, and people are looking at ways to make sure they can have sign-ins on lockdown.
Ping CFO is excited about the MFA, even calling its “quick and easy land,” being able to better positions themselves to drive expansion with new customers. The opportunities included additional solutions, pushing into new use cases, and driving number of identities under management.
While PingIntelligence is in the early stages of the APIs is one of the company’s most promising new solutions. With the runway looking long for Ping, especially with them having 13% of customers who have adopted three or more products. They might just be the solutions you are looking for.