Ping Identity recently filed their SEC 10K for the fiscal year ending December 31st 2019. The below figures and quotes are all taken from the March 2020 filing, unless otherwise stated.

Ping is a leading digital identity provider, whose stated mission is to “secure the digital world through Intelligent Identity.”

Ping Identity is pioneering Intelligent Identity. We enable secure access to any service, application or application program interface (“API”) from any device. Our Intelligent Identity Platform can leverage artificial intelligence (“AI”) and machine learning (“ML”) to analyze device, network, application and user behavior data to make real-time authentication and security control decisions, enhancing the user experience. Our platform is designed to detect anomalies and automatically insert additional security measures, such as multi-factor authentication, only when necessary. We built our platform to meet the requirements of the most demanding enterprises. Our platform can be deployed across cloud, hybrid and on-premise infrastructures, offers a comprehensive suite of turnkey integrations and is able to scale to millions of identities and thousands of cloud and on-premise applications in a single deployment.

SEC 10K filing March 2020

Their identity management platform, consists of 6 main pillars, which they describe as:

  • secure single sign-on (“SSO”);
  • adaptive multi-factor authentication (“MFA”);
  • security control for applications and APIs (“Access Security”);
  • personalized and unified profile directories (“Directory”);
  • data governance to control access to identity data (“Data Governance”); and
  • AI and ML powered API security (“API Intelligence”).

The platform can be applied to both consumer and workforce related use cases, with the filing stating that 42% of revenue came from consumer facing integrations.

Their focus on annual recurring revenue (ARR), has seen them as having 38 customers with greater than $1M in ARR and 202 over $250K. Their total customer base is listed as 1361 (up from 1284 the year before).

Our solutions secure 12 of the 12 largest U.S. banks (measured by assets), 8 of the 10 largest bio-pharmaceutical companies (measured by revenue), 7 of the 10 largest healthcare plans (measured by revenue) and 5 of the 7 largest U.S. retailers (measured by revenue). Our customer base is diversified, with no one customer or reseller accounting for more than 5% of our total revenue for the year ended December 31, 2019. We have a highly satisfied customer base, as evidenced by our Net Promoter Score of 61 in 2019

SEC 10k filing March 2020

A big focus on revenue growth is seen to be expanding their existing customer base. Net retention is listed (in dollar value) as 115% for the year ending December 2019.

They provide 3 main deployment consumption patterns: namely cloud, hybrid and on-premise. The entire platform can be broken down into 6 main solution packs:

Our Intelligent Identity Platform is comprised of six solutions (SSO, MFA, Access Security, Directory, Data Governance and API Intelligence) that can be purchased individually or as a set of integrated offerings for the customer, workforce, partner or IoT use case.

SEC 10k filing March 2020

They have invested heavily in a Technology Alliance Partner ecosystem, that covers over 100 technology partners. Two key partner names that pop out are Microsoft and Amazon.

We partner with Microsoft, and this partnership has led to key product integrations. Through our collaboration, customers can leverage our platform to connect to the Microsoft Azure or Office365 services and enjoy rapid deployments via our integrations. We also enable non-Microsoft applications and environments to be easily integrated into the Microsoft ecosystem. Lastly, our MFA solution works directly with Microsoft ADFS and AzureAD to provide enterprise-grade adaptive authentication to Microsoft’s cloud-based offerings.

SEC 10k filing March 2020

They list their main competition as Broadcom (formerly CA), IBM, Oracle, Okta and OneLogin.

Interestingly, they also list Microsoft as a competitor who has “..tied its identity services to both Azure and its Office 365 offerings. However, we partner with Microsoft to provide SSO, security control and adaptive MFA where non-Microsoft environments require integration or independence is preferred. Microsoft’s integration and interoperability with our solutions benefits enterprises while providing optionality and choice.”

From a staffing perspective, they had 953 full time employees at December 31st 2019.

Revenue splits are interesting. They list the major source of revenue is still from on-premise solutions and “as a result, for the periods presented, the percentage of our total revenue from all revenue sources associated with on-premise offerings was significantly higher than the percentage of our total revenue based solely on subscription term-based licenses and we expect this to remain true for the foreseeable future.”

Only 22% of their overall revenue comes from International or non North American sources, which they see as an opportunity to grow in the coming years.

As a relatively young public enterprise, the following is taken from the 10K and shows a healthy rise in share value, in comparison to the S&P 500 Index:

As a growing public company, an area of greater interest is that of technology acquisitions in order to broaden the platform capability. In June 2018 Ping acquired Elastic Beam, in order to bolster their AI capabilities surrounding API protection. The upfront cost of the Elastic Beam acquisition was $19 million.

In March 2020 Ping acquired Shocard, a provider of mobile based identity verified claims technology. The initial cost of the Shocard acquisition was $5.5 million. An additional $3.1 million and $2.3 million will be payable in common stock, at the first and second anniversary of the acquisition.

Leave a Reply

Your email address will not be published. Required fields are marked *