Ping Identity snaps up end-to-end security company Singular Key
Identity management software provider Ping Identity Holding Corp. announced today it has acquired end-to-end security company Singular Key Inc. for an undisclosed price.
Founded in 2019, Singular Key offers passwordless identity verification with no-code identity and security orchestration. The company pitches its service as streamlining the integration of identity services, providing a no-code method of creating workflows across multiple identity technologies and platforms, including identity verification, fraud, risk, access management, privileged access and identity governance, into a unified identity fabric.
Singular Key’s intelligent security layering approach is said to streamline identity workflows to eliminate complexity and speed deployment without the need for coding. The company’s automated identity integration hub automates third-party integration for existing and future identity, authentication and fraud tools across multiple applications into a unified “identity fabric.”
The company’s service is claimed to outclass other orchestration capabilities with 100-plus out-of-the-box third-party integrations for identity, authentication and fraud services. The offering allows enterprises to integrate a variety of identity services across a magnitude of vendors for identity verification, authentication, authorization, provisioning, governance, privileged access, risk and fraud services without dependence on DevOps or custom integrations.
Post-acquisition, Singular Key will be available through the PingOne Cloud Platform. Ping Identity customers can use the service to optimize end-to-end user journeys across third-party and Ping systems.
“Identity security is often complicated by a tangled mess of poorly integrated cloud, legacy software and API services,” Andre Durand, founder and chief executive of Ping Identity, said in a statement. “Singular Key’s no-code identity orchestration makes integrating identity and other enterprise apps simple, allowing customers to achieve better end user experiences in less time.”
Ping Identity has been a regular acquirer of smaller companies since going public in September 2019 in an initial public offering on the New York Stock Exchange. Previous Ping Identity acquisitions include fraud and bot mitigation startup SecuredTouch Inc. in June and Symphonic Software in November 2020.
Ping Identity’s stock price has seen mixed results, despite tech stocks and the overall market hitting record highs. The company listed at $15 per share and, after hitting a high of $36.35 in August 2020, as of the close of trading today the share price was sitting at $26.20 — a solid increase for investors but unremarkable given tech stocks of a similar caliber.
Image: Singular Key
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