DENVER--(BUSINESS WIRE)--Ping Identity®, the leader of Identity Defined Security, today announced accelerating growth for its fiscal first quarter ending March 31, 2015. The company reported 40 percent year-over-year growth in annual recurring revenue, nearly doubled its subscription license revenue during the same period and saw a significant lift in enterprise customer adoption across industries for its award-winning identity security solutions. This quarter’s class of new enterprise customers adds to the near 300 new customers added over the course of the past year and joins the ranks of global enterprise brands like Disney, TIIA Cref, GE, and Boeing.
The borderless digital world propelled by the shift toward cloud and mobile computing requires a new security paradigm. Identity Defined Security is an evolution that solves the complex enterprise challenges imposed by cloud, API, and mobile trends for workforce, customer, and partner identity security. By putting identity at the center of IT security, Ping enables organizations to provide secure, seamless access to applications with continuous evaluation of authentication and authorization factors, instead of relying on antiquated firewalls as a defensive barrier.
According to Gartner, "In a world where data can reside anywhere and can be accessed from anywhere, technical professionals must be able to understand and manage the relationships between people, services and things that require access to this data. Furthermore, they must protect the information resources that host sensitive information. Identity and access management is a crucial building block on which to base security of this new reality."1
“Ping has been steadfast in our approach to build identity into the core of security and access solutions, and we have been fortunate to work with forward-thinking organizations like Box, Cisco, Disney, GE, Chevron, Kraft Foods and Walgreens that share our vision for identity-defined security,” said Andre Durand, CEO, Ping Identity. “Our customers recognize that identity is the key to navigating the borderless world of constant connectivity, and this growth is validation that our approach to securing identity at the infrastructure level is the future of security.”
“Ping continues to experience phenomenal growth as a subscription business, as evidenced by our subscriptions doubling year-over-year,” said Michael Sullivan, CFO, Ping Identity. “Our focus on developing and introducing capabilities that our customers want is really paying off, and we are now seeing the impact that a broader set of offerings can have within our platform approach. For example, in the past six months, our cloud service PingOne saw over 60 percent growth, while our cloud based multi-factor authentication solution PingID doubled in sales and our access security solution PingAccess tripled in growth.”
In summary, Ping Identity’s recent achievements include:
- Grew annual recurring revenue over 40 percent year-over-year
- Doubled subscription license revenue
- Added six Fortune 500 customers, bringing total Fortune 500 customer base to 25 percent, including half of the Fortune 100
- Forrester, IDC, and Gartner awarded Ping Identity leadership positions in rapidly evolving disciplines that are redefining Identity Access Management. Andre Durand’s blog post summarizing this industry recognition is available here.
"Industry-driven identity solutions have been critical to helping us readily integrate cloud-based, and internal, application services,” said Bob Brandt, information security architect at 3M. “Identity Security standards give us confidence in the security of service integrations, and provide audit consistency and economy of scale for our overall portfolio. When it’s clear that standard identity protocols, token types, and the trust frameworks supporting each are utilized by all parties involved with an integration, this allows for better business-focused selections for services to be made. In short, digital identity standards help address access control security consistently and in a scalable way."
“Ping understands how to manage and secure identity in the real-world,” said Mike Everley, vice president of information technology at Ameritas. “With a large workforce and offices and employees spread far and wide, Ping was the only solution that could scale with us as we grow while ensuring that our people are protected regardless of their location or device.”
Join Ping Identity at Cloud Identity Summit
Ping is expecting a record turn out to the sixth annual Cloud Identity Summit on June 8-11 in San Diego. For more details, go to www.cloudidentitysummit.com
About Ping Identity | The Identity Security Company
With over 1,400 customers worldwide, Ping Identity is the pioneer and largest independent provider of Identity Defined Security solutions. Ping Identity is trusted by half of the Fortune 100 and industry-leaders Box, Cisco, GE, Kraft Foods and Walgreens. Ping Identity protects over 1 billion identities, transforming the way hundreds of millions of people live and work every day by securing access to their favorite applications from any device, anywhere.
1 Gartner, 2015 Planning Guide for Identity and Access Management, October 2, 2014, By Trent Henry, Mary Ruddy, Nick Nikols, Anne Elizabeth Robins, Lori Robinson, Phil Schacter, Heidi L. Wachs