Tuesday, July 16, 2013

Ping Identity Raises $44M More, Eyes IPO

Denver-based Ping Identity, the provider of single sign-on software, has raised $44M in funding--and is reportedly eyeing an IPO. According to Ping Identity, the funding round was led by W Capital Partners and DFJ Growth, and also included General Catalyst Partners, Draper Fisher Jurvetson, Volition Capital, Triangle Peak Partners, SAP Ventures, and Appian Ventures. The firm said that W Capital Partners will receive a board seat with the funding. In additoin to the equity funding, Silicon Valley Bank also has provided debt to the company as part of the funding. In related news, Ping Identity is reportedly using the new funding round to prep for an initial public offering; the firm has not announced any details on any IPO move.