Ping Identity Holding Corp. (PING): history, ownership, mission, how it works & makes money

A Brief History of Ping Identity Holding Corp. (PING)

Foundation and Early Years

Ping Identity was founded in 2002 by Anders J. J. D. H. S. K. L. Mallinson and a group of co-founders. The company's primary aim was to provide solutions for identity management and single sign-on (SSO) capabilities, facilitating secure access for users to enterprise applications.

Growth and Development

By 2010, Ping Identity had grown significantly, securing a total of $50 million in funding from investors including Sequoia Capital and New Enterprise Associates. This funding accelerated product development and market penetration.

Acquisition and Market Positioning

In 2016, Ping Identity was acquired by Vista Equity Partners for approximately $600 million. This acquisition allowed Ping to expand its product offerings and scale its operations.

Initial Public Offering (IPO)

On September 17, 2020, Ping Identity went public on the New York Stock Exchange under the ticker symbol PING. The IPO was priced at $15 per share and raised about $112 million in gross proceeds. The company's market capitalization was approximately $1.56 billion at the time of the IPO.

Recent Financial Performance

As of Q2 2023, Ping Identity reported a total revenue of $79.4 million, marking an increase of 15% year-over-year. The subscription revenue accounted for 83% of total revenue, demonstrating the company's transition to a recurring revenue model.

Stock Performance

As of the end of September 2023, shares of Ping Identity traded at approximately $25, reflecting a market capitalization of about $2.16 billion with a 52-week range between $16.30 and $27.55.

Strategic Partnerships and Collaborations

In 2021, Ping Identity announced several strategic partnerships, including collaborations with Microsoft and Amazon Web Services (AWS), enhancing its offerings in cloud identity solutions.

Employee and Investor Information

As of 2023, Ping Identity employed approximately 1,200 employees globally. The company is backed by notable investors, including Sequoia Capital, New Enterprise Associates, and Vista Equity Partners.

Market Trends and Challenges

The identity and access management (IAM) market is expected to grow, projected to reach $24.8 billion by 2025, driven by increasing cybersecurity threats. However, challenges such as competition from other IAM providers, including Okta and IBM, persist.

A Who Owns Ping Identity Holding Corp. (PING)

Overview of Ownership

As of October 2023, Ping Identity Holding Corp. (PING) has a diverse range of shareholders, including institutional investors, individual investors, and company insiders. The distribution of ownership plays a significant role in the governance and strategic direction of the company.

Institutional Ownership

Institutional investors hold a substantial portion of Ping Identity’s shares. According to the latest filings, the percentage of institutional ownership is approximately 75%. Major institutional shareholders include:

• Vanguard Group Inc. - owns around 10.5 million shares, representing 11.8% of total shares.
• BlackRock Inc. - holds approximately 9.8 million shares, accounting for 11.1%.
• State Street Corporation - possesses about 6.5 million shares, or 7.3%.

Insider Ownership

Insider ownership provides insight into the confidence that executives and board members have in the company’s future. As of the latest report, insider ownership stands at around 5%. Key insiders include:

• Andre Durand (CEO) - owns about 1.2 million shares, which is approximately 1.4%.
• Eric D. Dufour (CFO) - holds roughly 500,000 shares, or 0.6%.
• Board Members collectively own around 400,000 shares.

Major Shareholders

In addition to institutional and insider ownership, several other entities hold significant stakes in Ping Identity. The top five major shareholders include:

Market Capitalization

The market capitalization of Ping Identity Holding Corp. is approximately $2.3 billion. This valuation reflects the total market value of the company’s outstanding shares and provides insight into its financial standing within the industry.

Recent Stock Performance

Ping Identity's stock has shown a fluctuation in its price throughout 2023. The current stock price is approximately $20.50. The year-to-date performance indicates:

• 52-week high: $25.75
• 52-week low: $15.30
• Average trading volume: 1.2 million shares per day.

Conclusion on Ownership Structure

Ping Identity's ownership structure, characterized by significant institutional involvement and moderate insider ownership, suggests a balanced approach to governance and investment. Understanding these dynamics is essential for stakeholders and potential investors.

Ping Identity Holding Corp. (PING) Mission Statement

Mission Statement

Ping Identity aims to provide secure and seamless digital experiences for users, while enabling organizations to retain control over their data. The mission is to ensure that people can engage with technology safely and efficiently.

Core Values

• Security: Prioritize the safety of user identities and data.
• Innovation: Foster creativity to enhance identity management solutions.
• Customer Centricity: Focus on delivering superior service and solutions to clients.
• Integrity: Uphold ethical standards in all operations and interactions.
• Collaboration: Promote teamwork and partnerships for enhanced service delivery.

Key Strategies

Ping Identity employs several strategic initiatives to fulfill its mission:

• Development of advanced identity solutions
• Investment in cutting-edge technology
• Enhancement of customer support services
• Focus on building strategic partnerships

Financial Overview

For the fiscal year ending December 31, 2022, Ping Identity reported the following financial metrics:

Market Position

According to the latest market analysis, Ping Identity holds approximately 3% of the global identity management market, valued at around $25 billion in 2022.

Product Offerings

Ping Identity provides a range of products aimed at enhancing digital identity solutions:

• PingOne for Customer Identity
• PingFederate for Single Sign-On
• PingAccess for Secure Access Management
• PingDirectory for Identity Data Storage

Customer Base

As of Q4 2022, Ping Identity served over 2,500 global customers, including notable organizations such as:

• PayPal
• Salesforce
• American Express
• Zoom

Employee Engagement

Ping Identity is committed to employee satisfaction, reflected in a 2022 employee NET Promoter Score (eNPS) of 70.

Recent Initiatives

Recent initiatives by Ping Identity include:

• Launching new security protocols for enhanced data protection
• Expanding cloud capabilities to meet rising demand
• Investing in AI-driven identity management solutions

Future Projections

The global identity management market is projected to grow at a CAGR of 12% from 2023 to 2030, reaching approximately $54 billion by 2030, indicating strong growth potential for Ping Identity.

How Ping Identity Holding Corp. (PING) Works

Overview of Ping Identity

Ping Identity Holding Corp. (PING) specializes in identity management solutions for enterprises. The company is focused on providing secure access to applications and services for businesses through identity governance and administration. In 2022, Ping Identity reported a revenue of $285.4 million, reflecting a 14% increase from the previous year.

Revenue Breakdown

Business Model

Ping Identity operates on a subscription-based model, offering various tiers of services that include:

• Single Sign-On (SSO)
• Multi-Factor Authentication (MFA)
• API Security
• Identity Governance

Target Markets

The company primarily targets industries such as:

• Financial Services
• Healthcare
• Technology
• Government

Customer Base

As of 2022, Ping Identity serves over 2,500 customers globally, including notable clients such as:

• JetBlue
• Salesforce
• American Express

Financial Metrics

Recent Developments

In 2023, Ping Identity announced the launch of a new product line focused on enhanced zero-trust security measures, aiming to integrate advanced AI capabilities for identity verification.

Market Competition

Ping Identity faces competition from key players in the identity management sector, including:

• Okta
• Microsoft Azure AD
• IBM Security

Future Outlook

With the growing emphasis on cybersecurity and identity management, analysts project a compound annual growth rate (CAGR) of approximately 12% for the identity access management market from 2022 to 2027.

How Ping Identity Holding Corp. (PING) Makes Money

Business Model Overview

Ping Identity Holding Corp. operates primarily on a subscription-based cloud model that delivers identity management solutions. Their revenue streams consist of licensing fees, subscription fees, and professional services.

Revenue Breakdown

According to their Q2 2023 financial results, Ping Identity reported total revenue of $103.5 million, reflecting a 17% year-over-year increase. The breakdown of revenue sources is as follows:

Subscription Revenue

Ping Identity’s subscription revenue is primarily derived from its core products, which include:

• PingOne
• PingFederate
• PingAccess
• PingDirectory

As of Q2 2023, the subscription revenue growth was driven by a strong demand for cloud-based identity solutions, with a net dollar retention rate of 117%.

Professional Services Revenue

The professional services revenue includes implementation services, training, and support provided to customers. The professional services segment made up 11.2% of total revenue in Q2 2023, with an increase attributed to:

• Increased customer onboarding
• Consultation for customized solutions

Geographical Revenue Distribution

Ping Identity operates globally, and its revenue distribution by geography for Q2 2023 is as follows:

Customer Base and Growth

As of Q2 2023, Ping Identity reported a growing customer base, with over 2,000 enterprise customers. The company’s focus on expanding its customer base in various sectors has contributed to its growth.

Market Trends and Future Prospects

The identity management market is projected to grow significantly, with an estimated size of $24 billion by 2026. Ping Identity is well-positioned to capitalize on this growth, evidenced by their strategic partnerships and product enhancements.

Investment in Innovation

Ping Identity invests heavily in R&D to improve its offerings, with a reported R&D expenditure of $35 million in the fiscal year 2022, aiming to enhance security features and expand product capabilities.

Financial Performance Indicators

Key financial performance metrics for Ping Identity as of Q2 2023 include:

Conclusion

Through a combination of subscription services, professional services, geographical diversification, and continuous investment in innovation, Ping Identity Holding Corp. generates substantial revenue while positioning itself for sustained growth in the identity management sector.