Edinburgh-based Symphonic Software, which operates in the Identity and Access Management market, has secured an undisclosed investment from private equity house Maven Capital Partners.
Maven join existing shareholders Par Equity and the Scottish Investment Bank in supporting this high-growth business. The funding will be used to scale the business, investing in sales and marketing resource, as well as product innovation, to ensure Symphonic's development in this growing market. Maven points out that the identity and access management market is growing rapidly and is forecast to be worth in excess of £17 billion by 2022.
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Symphonic has developed authorisation software which enables organisations to securely share sensitive information by managing access to data and services. It does this by enabling the user to set controls, even for the most complex administrative requirements, at extreme granular levels.
"Symphonic’s solution enables financial institutions to manage the new, complex access patterns resulting from open banking while delivering the right balance between security and customer experience,'' says the firm.
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David Milroy, partner at Maven, said: “We are delighted to be leading the investment in Symphonic Software. The company operates in a high growth sector driven by significant new regulation. Symphonic is targeting further growth in retail banking and other sectors and is well positioned to expand into new markets. We look forward to working with Derick and his team over the coming years to scale the business and deliver on its growth strategy.”
Derick James, CEO at Symphonic, added : “We are very pleased to maintain our strong relationship with Par Equity and the Scottish Investment Bank and are delighted to welcome Maven as part of this latest investment round. The team at Symphonic is looking forward to continuing to drive the company’s success with the support of our new and existing investors”.
