Acquisitions are also fueling growth.
Ping acquired two companies, SecuredTouch and Singular Key, in 2021 for a total of $80 million in cash. It acquired companies ShoCard and Symphonic in 2020 for a total of $32.5 million.
Ping acquired SecuredTouch, a company that specialized in fraud detection using behavioral biometrics and machine learning, in June 2021. It acquired Singular Key in September 2021, bringing under its umbrella services that helps customers integrate and manage the various facets of their security and identity toolset.
ShoCard, acquired in October 2020, centers around technology enabling users to store identification like proof of employment, salary, education or vaccination status on their phones. Finally, Ping acquired Symphonic Software in November 2020. Symphonic Software provided services around dynamic authorization that enable the IT teams of its customers to control what users can see and do.
Ping produced $299.45 million in revenue during 2021, up from $243.59 million in the prior year, according to its annual report with the U.S. Securities and Exchange Commission. Its operating expenses also grew during that period, however, which pushed its 2020 net loss of $11.89 million up to a net loss of $64.39 million in 2021.<-- Ugh