Maven Capital Partners, one of the leading VCT managers, has realised its VCT investment in Edinburgh-based Symphonic Software (Symphonic) through a sale to PING Identity, a NYSE listed company which delivers Intelligent Identity solutions for enterprise. The exit from Symphonic, Maven’s fourth VCT realisation of 2020, has delivered an impressive 2.9x money multiple return and 90 per cent IRR for investors.
A leading player in the fast-growing Identity and Access Management (IAM) market, Symphonic has developed a software solution for organisations looking to share confidential, time-sensitive information securely, meeting the increasing demands of data security, GDPR, and Open Banking regulations. Symphonic’s software has helped client companies undertake major re-engineering programmes by managing access to data and services in the digital economy.
Symphonic’s software equips its clients to control the complex administrative processes associated with data sharing, both internally and externally, down to the finest detail. It therefore enables them to meet the requirements of compliance policies and wider regulations, whilst also allowing them to cut implementation costs without compromising on the quality of customer experience they deliver.
Maven VCTs invested in March 2019 to support the expansion of Symphonic in developing its direct sales capacity and growing its list of clients, with a particular focus on the financial services sector. Channel and technology parties provided a key route to market, with PING emerging as the leading partner. Symphonic’s strong partnership with PING Identity has seen its authorisation software paired with PING Identity’s data privacy and consent products, and this new acquisition will facilitate further integration with PING Identity’s broader Intelligence Identity platform.
Having constructed highly diversified portfolios of innovative private and AIM quoted companies, the Maven VCTs now have a substantial and growing presence in the software and related growth sectors, such as managed services, web-archiving, and data analytics. Maven has identified these sectors as being more resilient against the market volatility caused by the pandemic, as they remain relatively unaffected by COVID-19 and consumer behaviour.
Alan Robertson, Investment Director at Maven, says: “We are pleased to have supported Symphonic Software in its development into a trusted IAM provider in multiple markets. This ambitious business operates in a high-growth sector, driven by significant new regulation, and the acquisition by PING Identity will enable it to achieve further growth. The 2.9x realisation after less than two years is a fantastic result for Maven VCTs and demonstrates Maven’s continued ability to identify emerging businesses of high potential. We wish the Symphonic team every success in the future.”
