Clearwater advises Maven Capital on its acquisition of ProofID

Transaction

Maven Capital on its acquisition of ProofID

Buy-side

Undisclosed

Role

Adviser to Maven Capital on its acquisition of ProofID

Sector

Tech & Tech Services

Region

United Kingdom

Clearwater has advised Maven Capital on its acquisition of ProofID, specialist providers 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 offices in Colorado Springs.

Growing both organically and via acquisition, ProofID has become the foremost integrator of leading IAM vendor Ping Identity's technology, and for the past four years has been named Ping Identity's Delivery Partner of the Year, reflecting its technical excellence and deep coordination with vendor partners.

The investment from Maven will enable the business to accelerate its growth ambitions by continuing to grow the partnership with Ping Identity and develop complementary partnerships with other IAM vendors, allowing ProofID to offer broader IAM solutions. The investment will also support the company's acquisition strategy as well as enabling further investment in its sales, marketing and technical resources.

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.
Jeremy Thompson, Investment Director, Maven Capital

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, ProofID

Cybercrime cost UK businesses £3.1bn in 2021 and technological innovation will continue to be pivotal to fighting cyber-attacks across critical infrastructure and other services that have an extensive real-world impact on our lives. Identity and access management is a key component of all successful cybersecurity strategies and ProofID with Maven’s investment is positioned to capitalise on helping businesses make their digital supply chains more resilient.
Kirsty Handley, Associate Director, Clearwater

Advisers

Kirsty Handley

Director +44 845 052 0371 kirsten.handley@clearwatercf.com Connect

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