[ISN] Denver-based Ping Identity gets $35 million investment boost

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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