Maven has completed a £15 million investment in ProofID, a specialist provider of identity and access management (IAM) services. Founded in 2014, ProofID provides consultancy and managed services for enterprise customers across the UK, Europe, and North America from its headquarters in Manchester and a US office in Colorado Springs.
ProofID has experienced impressive growth to date and has built a successful strategic partnership with leading IAM vendor Ping Identity. It is now the foremost integrator of Ping’s technology and has been named Delivery Partner of the Year for the past four years.
The investment from Maven will enable the business to accelerate its growth plans by continuing to develop the partnership with Ping Identity and progress complementary partnerships with other IAM vendors, allowing ProofID to offer broader IAM solutions. The investment will also support the company’s acquisition strategy and enable further investment in its sales, marketing and technical resources.
ProofID operates within a market which is experiencing rapid growth. The global IAM market is projected to increase at 13.7% per annum from $13.4 billion in 2022 to $25.6 billion by 2027 (source: MarketsandMarkets). Data security continues to be a top priority for organisations in today’s digital age, as they protect themselves from more sophisticated cyber-attacks and need to comply with increasing regulation. Without a proactive approach to cyber security, breaches can lead to lost trust, lost credibility, and ultimately lost business.
“The investment in ProofID represents an attractive opportunity for our buyout fund to add a high-quality cyber security business to its portfolio. ProofID has experienced significant growth since it was established and benefits from high levels of recurring revenue. IAM is increasingly important to businesses and a key enabler for other aspects of cyber-security, including the implementation of a zero-trust strategy. Tom and his senior team are highly experienced and well regarded within the sector. We are excited to work with them and support the next stage of ProofID’s growth.”
Jeremy Thompson, Investment Director at Maven
“Our partnership with Maven is a major milestone for ProofID. This investment gives us the platform to add new services and vendor partnerships to our portfolio to better serve our customers. We are excited about the prospect of working with the team at Maven to grow and develop our business over the coming years.”
Tom Eggleston, CEO at ProofID