Denver-based Ping Identity gets $35 million investment boost

[InfoSec News <alerts () infosecnews org>]

http://www.denverpost.com/business/ci_26556583/denver-based-ping-identity-gets-35-million-investment

By Laura Keeney
The Denver Post
09/18/2014

Recent data breaches at high-profile companies such as Home Depot and 
Goodwill Stores have thrust Internet security back into the spotlight, and 
one local company is on the verge of a giant leap forward in the mission 
to make data safer.

Denver-based Ping Identity is expected to announce early Thursday a $35 
million investment boost, led by global investment firm KKR and newcomer 
Ten Eleven Ventures, which also includes some of Ping's existing 
investors. This investment brings Ping's total funding to $110 million.

This latest shot in the arm is recognition that data security is a hot 
topic. It's also a nod to Ping's identity and access-management technology 
— generally called "single sign-on" — that goes above and beyond 
traditional password-based approaches to data security, said Ping's senior 
marketing director Jeff Nolan.

"Companies have an appetite for the kind of change we've been talking 
about for years because the cost of a data breach is far greater than the 
cost of replacing the old infrastructure that allowed it in the first 
place," he said. "There's independent research that shows something like 
76 percent of those data breaches are the result of a compromised 
password. The solution here is not better passwords but getting rid of the 
password altogether."

[...]

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