Salford-headquartered identity security services specialist ProofID has received a £15m investment from Maven Capital Partners.
The investment from Maven will enable the tech firm, which was founded in 2014 with additional offices in Colorado Springs in the US, to “accelerate its growth ambitions” and support the company’s acquisition strategy.
The company also plans to continue to grow its partnership with Ping Identity and develop partnerships with other identity and access management (IAM) vendors, as well as using the further investment in its sales, marketing and technical resources.
Tom Eggleston (pictured), CEO at ProofID, said: “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, added: “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.
“We are excited to work with them and support the next stage of ProofID’s growth.”
