Private equity firm Vista Equity Partners agreed to acquire US-based cloud security company Ping Identity yesterday, providing an exit to backers including Sapphire Ventures, the VC firm spun out of software company SAP.
Financial terms have not been revealed. The deal is expected to close in the third quarter of 2016.
Ping Identity’s cloud-based platform enables identity management for businesses and governments. The company will accelerate its growth through strategic acquisitions and further investments in the platform following the acquisition.
Ping Identity most recently raised $35m in a series G round backed by Sapphire Ventures, then known as SAP Ventures, in 2014. The round was led by investment firm KKR and featured VC firms Ten Eleven Ventures, DFJ, General Catalyst Partners, W Capital Partners, Volition Capital, Triangle Peak Partners and Appian Ventures.
In total, Ping Identity had raised $110m. SAP Ventures also participated in a $44m series F round in 2013, a $21m series D in 2011 and a $13m series C in 2006.
Andre Durand, chief executive of Ping Identity, said: “This is a great day for Ping Identity, as the investment validates what we have built: the leading identity and access management platform.
“Enterprises require a partner who can effectively integrate every technology stack and cloud platform to provide secure access for their users. With Vista, we can now accelerate our vision of creating a borderless world secured through identity. The Ping team is excited to begin this next phase for Ping Identity and to broaden its reach into new markets.”