Maven has led an investment in Edinburgh-based Symphonic Software (Symphonic), a leading player in the Identity and Access Management (IAM) market.
Symphonic has developed a software solution that enables organisations to securely share critical, time-dependent and sensitive information by managing access to data and services in the inter-connected digital economy. Its platform enables the user to set rules and controls, even for the most complex administrative requirements, at extreme granular levels.
Symphonic is helping businesses respond to the rapidly emerging requirement for sharing data both inside and outside an organisation, while maintaining compliance with internal policies and external regulations. Data security, General Data Protection Regulation (GDPR) and Open Banking regulations are just some of the initiatives forcing Symphonic’s financial customers to undertake major re-engineering programmes that inevitably involve the deployment of a sophisticated access management solution. As a result, the IAM market is growing rapidly and is forecast to be worth in excess of $20 billion by 2022.
Symphonic’s solution enables financial institutions to manage the new, complex access patterns resulting from these regulations whilst delivering the right balance between security and customer experience. Its clients can react quickly to new threats whilst lowering their costs by defining their access control policies in a single location.
The funding from Maven will be used to further scale the business, investing in sales and marketing resource, as well as product innovation, to ensure Symphonic continues to offer customers a best-of-breed solution in this important and growing market.
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.
David Milroy, Partner at Maven