Maven completes 2.9x VCT realisation of Symphonic Software
The Maven VCTs have realised their investment in Edinburgh based Symphonic Software (Symphonic) through a sale to NYSE listed technology business PING Identity, which delivers Intelligent Identity solutions for enterprise. The exit from Symphonic is Maven’s fourth VCT realisation of 2020 and has generated a 2.9x money multiple return and 90% IRR for investors in under two years.
Symphonic is a leading player in dynamic authorisation for protecting APIs, data, apps and resources, and has developed a sophisticated access management solution that enables organisations to meet increasing data security obligations. The Symphonic product allows time-critical, sensitive information to be shared securely across a company’s entire digital landscape, by intelligently managing access to data and services at extreme granular levels, in line with internal compliance policies and wider regulations.
The Symphonic platform enables businesses to set rules and controls, at extreme granular levels, for complex administrative requirements, allowing them to respond to the increasing requirement for internal and external data sharing, while remaining fully aligned with compliance policies and wider regulations. Crucially, it enables clients to balance the complex access patterns resulting from regulations with maintaining the quality of customer experience they deliver, whilst also lowering their implementation costs.
The Maven VCTs invested in March 2019 to support expansion of the business, through investment in product innovation as well as growth of its direct sales capability. Channel and technology parties provided a key route to market, with PING emerging as the leading partner. Symphonic’s strong partnership with PING Identity has seen its authorisation software paired with PING Identity’s data privacy and consent products, and this new acquisition will facilitate further integration with PING Identity’s broader Intelligence Identity platform.
“We are delighted to have supported the team at Symphonic Software as they have scaled this exciting business. The company operates in a high growth sector, driven by significant new regulation, and has established itself as a trusted IAM vendor in banking as well as other markets. Maven’s exit from Symphonic is an excellent result for the Maven VCTs, and demonstrates our credentials in identifying high quality management teams and supporting entrepreneurial, emerging businesses in achieving their growth plans. We wish the Symphonic team every success going forward.”
Alan Robertson, Investment Director at Maven