Identity management software company Ping Identity acquired API security startup Elastic Beam for an undisclosed amount and launched a new product called PingIntelligence for APIs.
Ping also announced a new product, PingIntelligence for APIs, based on the Elastic Beam technology. They did not disclose the sale price.
It may seem like an odd match for Ping, which after all, is an enterprise identity company, but there are reasonable connections here. Perhaps the biggest is that CEO Andre Durand wants to see his company making increasing use of AI and machine learning for identity security in general. It’s also worth noting that his company has had an API security product in its portfolio for over five years, so it’s not a huge stretch to buy Elastic Beam.
Last year Elastic Beam launched its flagship product, an artificial-intelligence (AI) powered software platform that blocks attacks on APIs. Gartner says attacks on APIs will be “the most-frequent attack vector resulting in data breaches for enterprise web applications by 2022.”
Elastic Beam’s technology can auto-discover all active APIs and provide deep visibility into all API activity.
With this purchase, Ping has not only acquired some advanced technology, it has also acqui-hired a team of AI and machine learning experts that could help inject the entire Ping product line with AI and machine learning smarts. “Nobody should be surprised who has been watching that Ping will drive machine learning AI and general intelligence into our identity platform,” Durand said.
PingIntelligence for APIs is currently in private preview and will be generally available in the second half of 2018.
Ping, founded in 2002, was acquired by Vista Equity Partners in June 2016 for $600 million. It has raised $128.3 million in funding with its most recent Series G pulling in $35 million in September 2014.