CEO Durand on What Thoma Bravo's Buy Means for Ping IdentityFounder Andre Durand on How Thoma Bravo Will Accelerate Ping's Transition to SaaS
Getting acquired by private equity firm Thoma Bravo for $2.8 billion will help Ping Identity accelerate its transition from on-premises to SaaS-based delivery of identity protection, says CEO Andre Durand.
SaaS now accounts for 30% of Ping's business and is growing nearly 70% annually, he says. Ping will benefit from Thoma Bravo's understanding of SaaS sales compensation and go-to-market dynamics as well as the private equity firm's experience in helping software companies make this same transition, the chief executive tells Information Security Media Group.
Thoma Bravo also this year bought SailPoint for $6.9 billion and agreed to buy ForgeRock for $2.3 billion (see: Ping Identity to Go Private in $2.8B Thoma Bravo Acquisition).
"It was really evident that Thoma was serious about the identity space," Durand says. "Their investments in security have been really unparalleled, and their focus on Ping over many months really showed me that they were dedicated to the market and dedicated to Ping."
In a video interview with ISMG Group, Durand also discusses:
- The prospect of Thoma Bravo combining Ping with SailPoint or ForgeRock;
- What Okta's move into privileged access and identity governance means;
- Why the customer identity space is growing faster than workforce identity.
Durand founded Ping Identity in 2002 with a mission to secure the internet through identity. The company serves more than half of the Fortune 100 and protects over 3 billion identities. He founded the industry conference Identiverse to accelerate the adoption of identity and serve as a community resource for professionals in the identity industry. Prior to Ping Identity, Durand founded Jabber to commercialize the Jabber open-source instant messaging platform. Jabber was acquired by Cisco in 2008. Durand serves on the board of Jamf.