Supporting the growth of a global identity security leader

At a glance

With Maven's backing, ProofID has scaled into a leading international identity security specialist, helping enterprise organisations protect more than 250 million digital identities across Europe and North America. Through a combination of organic growth and strategic acquisition, the business has strengthened its market position, expanded internationally and continued to capitalise on growing demand for identity-led cyber security solutions.

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The investment thesis

ProofID was established in 2014 to challenge how identity and access management (IAM) services were delivered and help organisations to secure their digital environments. At the time, many projects followed a transactional model, with consultants implementing a solution before moving on, often leaving organisations without the skills or resources required to manage increasingly complex identity environments.

As Tom Eggleston, Co-founder and CEO, explains, "Back then the pattern was you'd sell a project, deliver it, shake hands and walk away. The customer would be left with a solution they didn't really have the skills to manage."

From the outset, ProofID was designed around a managed services model, combining design, implementation and ongoing operation into a single offering. This approach enabled organisations to treat identity as a strategic capability rather than a one-off technology project, while providing the business with a foundation for recurring revenues and long-term client relationships.

"The idea with ProofID was really simple," says Tom. "Why don't we have a business that does identity, but you don't walk away at the end?"

The model resonated strongly with customers. Starting with a small team and limited resources, the business focused relentlessly on technical expertise, service quality and customer retention. Maintaining cash discipline while prioritising long-term customer relationships enabled ProofID to evolve from an early-stage specialist into an established managed services platform with a proven business model and expanding enterprise footprint.

As digital transformation accelerated and cyber threats became more sophisticated, identity moved from a specialist IT discipline to a critical component of enterprise cyber security. ProofID had a strong foothold in the marketplace from which to capitalise on this shift and the right talent in its team to make it happen. What is required was financial investment and the support of a highly skilled investor who could add value to take the business to the next level.

The opportunity

For Maven, ProofID represented an opportunity to back an experienced management team operating in a market benefiting from powerful structural growth drivers. The business had also experienced significant growth since it was established and benefitted from high levels of recurring revenue.

IAM was also becoming a critical component of cyber security for organisations across the globe as the digital landscape became ever more complex and interconnected, and Zero Trust frameworks provided the foundation for effective access and control.

Reflecting on the investment rationale, Jeremy Thompson, Partner at Maven, says: "From our first discussions with Tom, it was clear that ProofID combined deep technical expertise with a differentiated managed services model. Identity was moving rapidly to the forefront of cyber security, and ProofID had built a platform capable of supporting enterprise clients over the long term. We saw a clear opportunity to back a business with strong recurring revenues, increasing international demand and significant headroom to scale."

Scaling the platform

As ProofID grew, the IAM market evolved significantly. Regulation, cyber risk and digital transformation initiatives pushed identity into a central role within organisations' security strategies, creating new opportunities for specialist providers.

The business adapted by expanding beyond traditional workforce identity solutions into broader customer identity and access management services, supporting organisations whose digital services depend on secure and seamless user experiences.

"Some of the bedrock technology hasn't changed," Tom explains. "But regulation and market forces have created a whole new series of products and services."

This evolution has significantly expanded the addressable market for the business.

"That side of the business has absolutely ballooned," says Tom. "Identity has moved from being niche to front and centre. Most breaches start with compromised credentials. Identity is the entry point into cyber."

To support this growth, Maven worked closely with management to strengthen organisational structures, enhance governance and ensure the business had the foundations required to scale effectively.

As Jeremy explains, "Once we had invested, the focus was on putting the right foundations for scale. That meant strengthening governance structures to ensure it matched the scale of the ambition and working closely with the management team to deliver a growth strategy that would create long-term value."

The strategy has delivered strong results, with EBITDA increasing by approximately 55% over the past two years.

Expanding through strategic acquisition

Alongside organic growth, strategic acquisition has played an important role in strengthening ProofID's market position and international reach.

A key milestone was the acquisition of Regatta Solutions Group, a US-based identity specialist. The transaction strengthened ProofID's presence in North America, broadened its technical capabilities and enhanced its ability to serve enterprise organisations across both sides of the Atlantic.

The acquisition added immediate scale, expertise and customer relationships, while creating a stronger platform from which to support future growth.

Discussing the transaction, Jeremy says: "Regatta was a strategically important acquisition, but integration discipline was critical as this was not simply about adding revenue, but further strengthening the platform and its client offering. It was vitally important to align delivery capability, leadership structures, and client engagement so the combined business could operate seamlessly across North America and Europe from day one."

The successful integration has strengthened the business's international footprint and expanded opportunities across both EMEA and North America.

Building on a strong foundation

Identity security remains one of the fastest growing areas within cyber security. Regulatory scrutiny, Zero Trust adoption and the continued migration of systems and services to the cloud continue to drive demand for specialist identity expertise.

At the same time, the emergence of machine identities, automation and AI agents is creating an entirely new category of security challenges. ProofID now helps enterprise organisations protect more than 250 million digital identities across Europe and North America, positioning the business strongly to capitalise on these evolving market dynamics.

Looking ahead, Tom believes the next phase of growth will be driven by these emerging identity challenges.

"The big growth area now is machine identities, things like robotic automation and service accounts," he says. "AI will only accelerate this, and we're focused on putting in place the right security guardrails to manage these effectively. That's where we see significant opportunity over the next few years."

For Maven, the focus remains on supporting management as the business continues to scale organically and through acquisition.

"ProofID has a strong foundation, but the market is evolving rapidly and it is our role to ensure the team has the support they require to keep innovating and growing market share," says Jeremy. "A key component of that is helping deliver its M&A strategy, through the acquisition and integration of more high quality integrators which will extend the ProofID model and develop new vendor partner relationships.

Pictured: Tom Eggleston, CEO of ProofID