ProofID, founded in 2014, is an industry leader in identity and access management. With customers including Mazars, Tesco Bank, Canada Life and Silicon Valley Bank, the Manchester-based firm manages millions of identities across the globe. It is a trusted partner of the major US provider Ping Identity, and was recognised by the industry giant Gartner in the global research and advisory firm’s 2018 Magic Quadrant report on identity governance and administration.
In November 2018, BOOST&Co provided ProofID with a growth-capital loan of £3m, to invest in the company’s recently acquired consultancy business PEGRight, based in Colorado Springs, and in its sales and marketing teams. The loan will also fund the launch of the ProofID IGA product as a cloud service.
Capitalising on new opportunities
“The market is presenting exciting new opportunities. Data protection and identity management are increasingly part of everyday life, and ProofID is well-placed to capitalise on these,” says Kim Martin, principal at BOOST&Co. “The company has a first-class management team, and the business is growing in a measured and sensible way.”
“From the start, we felt that this offer was the right option for us,” says ProofID’s chief executive, Gareth Noonan. “BOOST&Co’s tailored lending and swift decision-making gave us confidence that venture debt would help us to achieve our targets for growth.”