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This UK based startup aims to protect companies from data theft, raises £15M

ProofID
ProofID

In today’s digital age, data security remains a top priority for businesses as they defend themselves against more sophisticated cyber-attacks and increased regulation. Without a proactive strategy to cyber security breaches, trust, reputation, and ultimately business can all be lost. As a result, the worldwide IAM market is expected to grow at a rate of 13.7 percent per year from $13.4B in 2022 to $25.6M in 2027.

Meanwhile, Maven Capital Partners has invested £15M in Manchester-based identity and access management (IAM) services platform ProofID. Maven’s investment will allow them to form agreements with other IAM vendors in order to provide more comprehensive IAM solutions. 

Fund usage

The funds will also be used to assist the company’s acquisition plan and to fund more sales, marketing, and technical resources.

Following a £15M investment, ProofID has its eyes set on other acquisitions.

ProofID, which was founded in 2014 by Tom Eggleston, offers enterprise customers in the United Kingdom, Europe, and North America consulting and managed services.

ProofID has established itself as the main integrator of Ping Identity’s identity and access management (IAM) system.

Tom Eggleston, CEO at ProofID says: “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.”

Jeremy Thompson, Investment Director at Maven says: “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. Tom and the ProofID 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.”

Maven Capital’s role

Maven Capital Partners UK LLP (Maven) is a private equity firm focusing on providing flexible capital for high-growth firms, as well as one of the UK’s most active investors in smaller businesses.

Maven manages assets for a range of client funds, including Venture Capital Trusts, MBO Funds, UK regional fund mandates, and Maven Investor Partners, a syndicate of institutional, family office, and experienced investors, with over £740M in funds under management and ready to invest.

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