Manchester-based identity and access management (IAM) services platform ProofID has raised £15 million in funding from Maven Capital Partners. The investment from Maven will enable it to forge partnerships with other IAM vendors to offer broader IAM solutions. The funding will also support the company's acquisition strategy and drive further investment in its sales, marketing and technical resources.
Founded in 2014, the platform provides consultancy and managed services for enterprise customers across the U.K., Europe and North America.
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 increasing regulation. Without a proactive approach to cyber security breaches can lead to lost trust, lost credibility, and ultimately lost business. Hence, the global IAM market size is projected to grow at 13.7% per annum from $13.4 billion in 2022 to $25.6 million by 2027.
Tom Eggleston, CEO, ProofID said: “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.”
Jeremy Thompson, investment director, Maven concluded: “The investment in ProofID represents an attractive opportunity for our buyout fund to add a high-quality cyber security business to its portfolio. The business 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 to other aspects of cyber-security, including zero-trust strategy."
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