In 2020 the Maven VCTs realised their investment in Edinburgh based Symphonic Software through a sale to NYSE listed technology business PING Identity. The exit generated a 2.9x money multiple return and 90% IRR for investors in under two years.
Symphonic Software develops dynamic authorisation solutions to enable companies to share time critical, sensitive information securely across a company’s digital landscape, in line with increasing data security obligations, by intelligently managing access to data and services at extreme granular levels.
The Maven VCTs invested in March 2019 to help expand product innovation and direct sales capability. With technology partners providing a key route to market, the strong partnership with US business PING Identity led to it acquiring the business in order to integrate the Symphonic solution within its broader Intelligence Identity platform.
We are delighted to have supported the team at Symphonic Software as they have scaled this exciting business. Maven’s exit from Symphonic is an excellent result for the Maven VCTs, and demonstrates our credentials in identifying high quality management teams and supporting entrepreneurial, emerging businesses in achieving their growth plans.
Alan Robertson, Investment Director at Maven
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