ProofID Ltd, a Manchester-based provider of Identity Management (IDM) technology solutions and US-based PEGRight Inc, an Identity and Access Management (IAM) specialist have announced their merger. The $5m transaction will immediately increase group turnover by 50% to over £6m with the number of employees rising from 32 to 48.
The merger will see the creation of a company with a potential market valuation of over $23m that will operate across both Europe and North America delivering independent identity and access management solutions. The transaction is akin to a merger of equals, with PEGRight’s executive directors joining the board of directors of ProofID and taking a lead role in the management and strategy of the group. The companies will initially continue to trade under their own brand names as they have recognition in their own territories.
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 create an organisation greater than the sum of its parts by opening up new territories for each company’s unique products and services.
Andre Durand, CEO, Ping Identity said: “PEGRight and ProofID have proven themselves as some of the most knowledgeable and trustworthy identity consultants we’ve had the pleasure of working with over the years. The combination of the two will be powerful for any global enterprise looking to modernise its identity platforms with Ping Identity technology.”
A key focus will be to introduce ProofID’s IAM Managed Service to the North American market, whilst PEGRight’s next generation, patented Identity Analytics platform will complement and accelerate ProofID’s existing revenue-generating Identity Governance and Administration software (ProofID IGA) business across EMEA and North America.
Following full integration of the businesses, ProofID will focus efforts on developing its software offerings, developing its enterprise managed service offerings and developing a presence in the Asian/Pacific region to ensure true around the clock support for its global customer base whilst continuing to be the integration partner of choice for its vendor partners.
“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.”
“There is a tremendous amount of synergy between ProofID and PEGRight creating a premiere Identity and Access Management (IAM) company completely focused on the advancement of secure identity and a frictionless digital experience. Our combined strengths expand the portfolio of our business solutions and managed service offerings bringing even greater value to our clients and partners further enhancing the vision of access to everything from any device.”