With this significant investment, Maven joins existing shareholders Par Equity and Scottish Investment Bank in helping the high-growth company, Symphonic Software, to scale.
To support Symphonic’s growth, the firm will use the funding to scale the business, investing in sales and marketing resource, as well as product innovation.
The identity and access management market, a rapidly expanding market place, is predicted to be worth more than £17 billion by 2022, according to Maven.
Symphonic’s software allows organisation to secure share sensitive information by managing access to data and services. It does this by enabling the user to set controls, even for the most complex administrative requirements, at extreme granular levels.
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Heightened awareness of data security, General Data Protection Regulation (GDPR), and Open Banking regulations are key factors in driving this market growth as companies are compelled to overhaul their access management software.
With a powerful policy management interface tool interface incorporated into its software, the firm’s offering provides centralised visibility and control over the policies that apply to an enterprise’s entire digital landscape.
David Milroy, Partner at Maven, said: “We are delighted to be leading the investment in Symphonic Software. The company operates in a high growth sector driven by significant new regulation.
“Symphonic is targeting further growth in retail banking and other sectors and is well positioned to expand into new markets. We look forward to working with Derick and his team over the coming years to scale the business and deliver on its growth strategy.”
Derick James, CEO at Symphonic, added: “We are very pleased to maintain our strong relationship with Par Equity and the Scottish Investment Bank and are delighted to welcome Maven as part of this latest investment round.
“The team at Symphonic is looking forward to continuing to drive the Company’s success with the support of our new and existing investors.”