NPIF Maven Equity Finance, managed by Maven Capital Partners (“Maven”) and part of the Northern Powerhouse Investment Fund (“NPIF”), has invested £2 million in Ideiio, a Salford based software as a service (“SaaS”) cyber security business.

Ideiio specialises in Identity Governance and Administration (“IGA”). Its software enables organisations to manage control of access rights across the entire business and automate key functions such as compliance and audit reporting. The majority of competitor IGA platforms in the market focus on larger enterprise clients, whereas Ideiio’s technology is targeted at the under-served mid-market. It provides a valuable solution which helps its customers increase productivity whilst keeping data secure.

The funding from NPIF Maven Equity Finance will help the business enhance its technology platform, drive revenue growth by expanding the sales and marketing team, and further develop its channel partner relationships.

Growth in the Identity Governance and Administration software market is driven by organisations looking to enhance operational productivity, strengthen security and improve customer experience. The market is growing at a compound annual growth rate of 16% and is forecast to reach a market size of $9 billion by 2026. (Source: Market Research Future, 2021).

Ryan Bevington, Partner at Maven, said: “Ideiio is an excellent example of a business which can benefit from equity investment through the Northern Powerhouse Investment Fund. It has developed an innovative software solution which is tapping into robust demand from businesses across a variety of sectors and geographies. We believe this investment will enable the business to achieve further scale, including in the large US market. The management team have an impressive range of technical expertise and experience within the identity security space and have a clear strategy for taking the business forward.”         

Sean Hutchinson at the British Business Bank, added: “It’s always positive to see the Northern Powerhouse Investment Fund provide investment to innovative companies that provide creative solutions to service different areas of the market. Through this latest investment, the company can now improve its platform and accelerate its revenue growth. NPIF has a good track record when it comes to supporting businesses in this industry and we’re pleased to provide funding options for ambitious Northern companies.”

The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

— ENDS —

NOTES TO EDITOR

Media Contacts

Maven Capital Partners:

Jacob O’Gorman

0121 231 3019

[email protected]

Sapience Communications (PR to Maven):

Richard Morgan Evans

020 3195 3240

[email protected]

About Maven Capital Partners UK LLP   

Maven is a leading private equity house focused on the provision of flexible funding for high growth businesses, and one of the most active investors in smaller companies in the UK.

Headquartered in Glasgow, and with offices throughout the UK, Maven has over 90 investment and support professionals providing a truly nationwide coverage. Maven has over £740 million funds under management and ready to invest, and manages assets for a variety of client funds, including Venture Capital Trusts, MBO Fund, UK regional fund mandates, and Maven Investor Partners, a syndicate of institutional, family office and experienced investors.

About the Northern

Powerhouse Investment Fund

The Northern Powerhouse Investment Fund will invest in Microfinance, Business Loans and Equity Finance sub-funds which will offer financing ranging from £25,000 to £2m, specifically to help small and medium sized businesses secure the funding they need for growth and development.

The Northern Powerhouse Investment Fund is operated by British Business Financial Services Limited, wholly owned by British Business Bank, the UK’s national economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity.

The Northern Powerhouse Investment Fund is supported by the European Regional Development Fund, the European Investment Bank, the Department for Business, Energy and Industrial Strategy and British Business Finance Limited, a British Business Bank group company.

The NPIF covers the following LEP areas: Tees Valley Combined Authority, Greater Manchester, Cheshire and Warrington, Cumbria, Liverpool City Region, Lancashire, Humber, Leeds City Region, Sheffield City Region, York, North Yorkshire and East Riding.

The project is receiving up to £140,359,192 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Communities and Local Government is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit https://www.gov.uk/european-growth-funding.

• The funds in which Northern Powerhouse Investment Fund invests are open to businesses with material operations, or planning to open material operations, in, Yorkshire and the Humber, the North West and Tees Valley.
• The British Business Bank has published the Business Finance Guide (in partnership with the ICAEW, and a further 21 business and finance organisations). The guide, which impartially sets out the range finance options available to businesses and provides links to support available at a regional level, is available at www.thebusinessfinanceguide.co.uk/bbb

About the British Business Bank

The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.

The British Business Bank’s core programmes support nearly £8bn[1] of finance to almost 94,800 smaller businesses[2]. Since March 2020, the British Business Bank has also launched four new Coronavirus business loan schemes, delivering almost £73bn of finance to around 1.6m businesses. As well as increasing both supply and diversity of finance for UK smaller businesses through its programmes, the Bank works to raise awareness of the finance options available to smaller businesses. The British Business Bank Finance Hub provides independent and impartial information to businesses about their finance options, featuring short films, expert guides, checklists and articles from finance providers to help make their application a success. In light of the coronavirus pandemic and EU Exit, the Finance Hub has expanded, and it now targets a wider business audience. It continues to provide information and support for scale-up, high growth and potential high growth businesses, but now provides increased content, information, and products for businesses in survival and recovery mindsets. The Finance Hub has been redesigned and repositioned to reflect this, during this period of economic uncertainty. British Business Bank plc is a public limited company registered in England and Wales, registration number 08616013, registered office at Steel City House, West Street, Sheffield, S1 2GQ. It is a development bank wholly owned by HM Government. British Business Bank plc and its subsidiaries are not banking institutions and do not operate as such. They are not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for the group can be found at www.british-business-bank.co.uk. [1] Figures as at end of June 2020[2] Figures as at 28 January 2021

Picture: Ryan Bevington (L) and Jeremy Thompson (R) of Maven, who led the deal