ID specialist sees 36% jump in annual revenues as global markets grow

Salford-based identity and access management (IAM) specialist ProofID has achieved strong revenue growth, with a 36% improvement in annual turnover to £16.6m for the year to September 30, 2022.

The business, which operates from Exchange Quay as well as US operations in Colorado Springs, saw a revenue split of 50% in the US, 45% in the UK, and five per cent from a growing base of European customers.

ProofID said 2022 has been a pivotal year. In May, Maven Capital Partners invested £15m in the business to accelerate its growth ambitions.

The company is an integrator of leading IAM vendor Ping Identity’s technology and the investment is helping to grow the Ping partnership and develop new partnerships with other IAM vendors to offer a broader range of solutions.

In August, ProofID sold Ideiio, an identity governance and administration solution to US-based Fastpath, a provider of access control solutions for business applications to consolidate its ‘access control’ offering.

CEO Tom Eggleston said: “It’s been an exciting year with some major milestones for ProofID.

“We delivered meaningful organic growth driven by our managed services business and the demand for customer identity management. Our partnership with Maven has supported a huge investment in sales, marketing and technical resources which provides the platform upon which we will continue to grow in 2023.”

The company currently has 85 staff, but with strategic projects and forecasted growth, it will rise to around 110 people in fiscal year 2023.

Mr Eggleston added: “We are investing in the right people for the business and are very much committed to growing our talent base in the coming financial year with some key hires at an executive level to help the step change.”

ProofID also has excellent client retention with an almost 100% customer retention rate in the past financial year. Recurring revenue from existing clients is very strong with annually recurring revenue making up 66% of turnover, complemented by a number of new clients.

Eggleston said: “I feel very optimistic that 2023 will be another strong year of growth as companies look closely at their cyber security arrangements and IAM becomes increasingly important to other security strategies, such as zero trust, and the need to identify access requirements before they’re granted.”