ID management specialist in £4m deal with US counterpart
Old Trafford-based ProofID, a provider of identity management technology, has merged with a US-based identity and access management specialist.
The £4m transaction with PEGRight Inc will increase group turnover by 50% to over £6m with the number of employees rising from 32 to 48.
ProofID was formerly Salford Software, owned by Salford University, and the merger will see the creation of a company with a potential market valuation of over £18m that will operate across both Europe and North America.
The companies will initially continue to trade under their own brand names , while PEGRight’s executive directors will join the board of directors of ProofID and take a lead role in the management and strategy of the group.
Whilst sharing some common lines of business – both ProofID and PEGright are integration partners for Ping Identity Inc. in their respective territories – the merger will introduce ProofID’s Identity Management as a Managed Service (IDaaMS) to the North American market.
Meanwhile, PEGRight’s patented Identity Analytics platform will complement and accelerate ProofID’s existing revenue-generating Identity Governance and Administration software business across EMEA and North America.
Tom Eggleston, chief executive of ProofID said: “The opportunity to come together with PEGRight is tremendously exciting for ProofID our partners and customers. We are perfectly matched, bringing together unrivalled technical expertise on both sides of the Atlantic, whilst both bringing additional products and services to enhance each business.
“Our new-found scale enables us to accelerate our product development and bring additional value and services to our existing managed service customers, whilst allowing us to address new territories and markets that were previously closed to us.”