£2m funding fillip for expanding cyber security business
A Salford cyber security business is poised for further growth and recruitment after a £2m funding injection.
NPIF Maven Equity Finance, managed by Maven Capital Partners and part of the Northern Powerhouse Investment Fund (NPIF), has made the investment into software as a service (SaaS) firm Ideiio.
The firm specialises in Identity Governance and Administration (IGA).
Its software enables organisations to manage control of access rights across the entire business and automate key functions such as compliance and audit reporting.
The majority of competitor IGA platforms in the market focus on larger enterprise clients, whereas Ideiio’s technology is targeted at the under-served mid-market. It provides a valuable solution which helps its customers increase productivity while keeping data secure.
The funding from NPIF Maven Equity Finance will help the business enhance its technology platform, drive revenue growth by expanding the sales and marketing team, and further develop its channel partner relationships.
Growth in the IGA software market is driven by organisations looking to enhance operational productivity, strengthen security and improve customer experience.
The market is growing at a compound annual growth rate of 16% and is forecast to reach a market size of $9bn by 2026.
Ryan Bevington, partner at Maven, said: “Ideiio is an excellent example of a business which can benefit from equity investment through the Northern Powerhouse Investment Fund.
“It has developed an innovative software solution which is tapping into robust demand from businesses across a variety of sectors and geographies. We believe this investment will enable the business to achieve further scale, including in the large US market.”
He added: “The management team have an impressive range of technical expertise and experience within the identity security space and have a clear strategy for taking the business forward.”
Sean Hutchinson, at the British Business Bank, said: “It’s always positive to see the Northern Powerhouse Investment Fund provide investment to innovative companies that provide creative solutions to service different areas of the market.
“Through this latest investment, the company can now improve its platform and accelerate its revenue growth. NPIF has a good track record when it comes to supporting businesses in this industry and we’re pleased to provide funding options for ambitious Northern companies.”