Ping Identity Completes $7.5 Million Series B Financing; Draper Fisher Jurvetson Leads Round with Participation from Existing Investors General Catalyst Partners and Fidelity Ventures

Business Wire, May 10, 2005

DENVER -- Ping Identity Corporation, a leading provider of federated identity management solutions, today announced the completion of its Series B financing totaling $7.5 million dollars. Draper Fisher Jurvetson led the round with participation from existing investors General Catalyst Partners and Fidelity Ventures. Proceeds from the financing will be used to accelerate and expand Ping's identity federation products, sales and marketing efforts.

Andre Durand, CEO of Ping Identity, stated: "The market for federated identity solutions has matured significantly in the past twelve months. Web services, tighter business partner integration and sufficiently mature standards are driving enterprises to replace their rigid and proprietary solutions with standards-based federation technology. Ping is committed to building the highest quality, easiest to deploy federation solutions. This financing will ensure our continued ability to do so, while at the same time expanding the scope of our solutions."

Raj Atluru, Managing Director at Draper Fisher Jurvetson, commented: "Ping is widely recognized as being at the forefront of the emerging market of federated identity -- supporting secure, Internet-scale identity for business use cases such as web SSO, user attribute sharing, portal integration and SOA. Of all the companies in the emerging space of identity solutions, we believe Ping has executed the best and is now in the right position to take advantage of some of the larger opportunities."

"Since our initial investment in Ping Identity, the company has made tremendous strides," said David Orfao, managing director, General Catalyst Partners. "Over the past two years, Ping Identity has built a strong brand and top tier customer base in the federation marketplace. We are very pleased with the company's progress and our participation in this financing is a testament to Ping Identity's success. We look forward to continuing to work with the Ping Identity team to capture the company's rapidly growing business opportunities."

Dave Power, Partner at Fidelity Ventures, stated: "Since our participation in Series A, Ping has quietly assembled one of the strongest management teams in the identity federation marketplace. After four years of gestation, we believe federation is on the verge of significant enterprise adoption and we believe the company is well-positioned to be a category leader."

To learn more about Ping Identity, please see www.pingidentity.com.

About Federated Identity

Federated Identity allows enterprises and service providers to securely link and exchange identity information across partner, supplier and customer organizations. Federation takes an open, standards-based approach that eliminates the cost overruns, security loopholes, and user inconvenience caused by rigid, proprietary, "silo-ed" application architectures. Federated Identity has become a key initiative and competitive differentiator for Global 2000 businesses, as they implement projects around Web Single Sign On, Portal and Business Partner Integration, and Service Oriented Architectures.

About Ping Identity Corporation

Ping Identity Corporation (www.pingidentity.com) provides software and intelligent services for simplified identity federation and secure, Internet-scale identity. Ping's products focus exclusively on identity federation, open standards and ease of deployment. Ping is a leading provider of federation servers, federation testing services and open source federation toolkits (www.sourceid.org).

About Draper Fisher Jurvetson

Draper Fisher Jurvetson is the leader in seed and early stage venture capital. Since 1985, DFJ has created a global network of affiliated venture funds with over $3 billion in capital commitments and offices in the major technology centers around the world. DFJ has proven expertise in identifying and helping extraordinary entrepreneurs who want to change the world. For more information, visit www.dfj.com.

About Fidelity Ventures

Founded in 1969, Fidelity Ventures invests private equity in entrepreneurial companies preparing to "go-to-market" in the information technology and communications sectors. By combining a collaborative partnership with a global network, Fidelity Ventures enables its portfolio companies to accelerate their market entrance and become leaders in their respective fields.

Over the last three decades, the firm has contributed to the success of such industry leaders as GeoTel Communications (IPO subsequently acquired by Cisco), Teleport (IPO subsequently acquired by AT&T) and COLT Telecom (Nasdaq:COLTY). Recent investments include ONI Systems (IPO subsequently acquired by Ciena), WaveSmith (acquired by Ciena), and Newisys (acquired by Sanmina). Fidelity Ventures currently manages more than $500 million in venture capital, and invests in U.S.-based companies out of its Boston office, and in European companies out of its London office.

About General Catalyst Partners

General Catalyst Partners is a private equity firm that invests in exceptional entrepreneurs and technical founders who are building the software solution and technology platform companies that will lead innovation and transform industries. Founded in 2000, General Catalyst Partners leverages its principals' extensive operational, business development and technological expertise to provide portfolio companies with a catalyst for success through business building and partnership development assistance. General Catalyst is headquartered in Cambridge, Mass. For more information, please visit: www.generalcatalyst.com.