American Ping Identity has filed for an initial public offering expected to raise $100m and make the company hit a valuation of up to $3bn.
The IT security and identity authentication company has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC), which is a big step towards going public in the US. The statement said it would be trading on the Nasdaq under the ticker Ping.
Despite the filing itself not mentioning any price – only stating that “the price range for the offering have not yet been determined” – the company is said to be looking at hitting a valuation between $2bn and $3bn, according to a report by TechCrunch.
Ping Identity was founded in 2001 and was acquired by Vista Equity partners, the private equity firm, in 2016.
The SEC filings also revealed that Ping Identity’s revenues reached $112.9m in the first six months of 2019. That number was $99.5m during the same period in 2018. It also showed that the company’s losses have decreased. For instance, between January and June last year it had $5.8m in net losses compared to $3.1m during the same period this year.
Digital identities are seemingly becoming more important. For instance, a recent report by Juniper Research suggested that the mobile digital identity market could be worth $7bn by 2024. That would mean the market could grow by over 800 per cent over the next five years as it is expected to be worth $850m in 2019.
A second example is Luxembourg-based LuxTrust announcing in August that it was beta testing its privacy protecting platform together with Cambridge Blockchain, the compliance company. The product, IDKEEP, is supposed to help resolve identity and personal-data related challenges faced by organizations like those in banking and financial services, insurance and healthcare.
Moreover, Fujitsu Laboratories announced in the beginning of July that it was developing a digital identity exchange to verify identities in online transactions.
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