Published: Sep 26, 2023
Focus: Private Equity
Maven investee, ProofID, which specialises in Identity and Access Management (IAM) has announced that it has acquired Identity Governance and Administration (IGA) integrator, Regatta Solutions Group. The acquisition unites the competencies of both organisations as leading integrators of Ping Identity and SailPoint solutions respectively - whilst positioning the company as a provider of enterprise identity solutions and global identity managed services. The combined business is projected to generate more than £27 million in revenue in 2023.
Based in Austin, Texas with 35 identity specialists, Regatta will eventually be fully integrated into ProofID, creating a leading IAM solutions and managed service provider (MSP) across Europe and North America.
For customers of both companies, it provides an opportunity to work with one partner to manage Ping Identity and SailPoint solutions. Following the acquisition, ProofID will grow and strengthen its partnership with SailPoint, broaden its existing IGA business and expand its SailPoint practice into Europe as well as offering identity managed services to both Ping Identity and SailPoint customers. ProofID will also add Austin, Texas to its existing US base in Colorado Springs from which to continue growth in North America.
"With the acquisition of Regatta, our customers have access to a much wider set of expertise and competencies whether managing identities within the enterprise or building personalised experiences for their customers.
As a united force we have the proven expertise and resources to integrate both Ping Identity and SailPoint solutions, deliver expert solutions and provide managed services across both Europe and North America making ProofID a frontrunner across identity management disciplines."
Tom Eggleston, CEO, ProofID (pictured above)
ProofID has been Ping Identity's Delivery Partner of the Year for the last five years and is a leading IAM managed services franchise with over 60 global enterprise customers. In 2022 Maven invested £15 million in the business, and it has had a greater than 30% annual revenue growth rate for the last three years. The Maven UK Regional Buyout Fund and Maven Investor Partners, have provided additional equity to part-fund the acquisition.
Regatta is a SailPoint Admiral Delivery Partner, the highest accolade, and has achieved similar revenue growth.
"We are incredibly excited to join forces with ProofID and embark on this transformative journey together.
This acquisition marks a significant milestone for Regatta, as it allows us to combine our respective knowledge and expertise across the leading enterprise identity security solutions from SailPoint and Ping Identity, elevating our offerings to new heights.
"With our expanded global reach and the ability to offer both SailPoint and Ping Identity managed services, we are now poised to deliver unparalleled value to our customers worldwide."
John Ciulla, CEO, and president of Regatta