Plan to scale business
Maven leads investment into data firm Symphonic
Maven Capital Partners has led an investment, alongside existing shareholders Par Equity and the Scottish Investment Bank, in Edinburgh-based Symphonic Software which operates in the identity and access management market.
The funding will be used to further scale the business, investing in sales and marketing resource, as well as product innovation in a market forecast to be worth in excess of $20 billion by 2022.
Data security, General Data Protection Regulation (GDPR) and Open Banking regulations are just some of the initiatives driving demand for Symphonic’s solutions.
David Milroy, partner at Maven, said: “Symphonic is targeting further growth in retail banking and other sectors and is well positioned to expand into new markets.”
Derick James, CEO at Symphonic, pictured, 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.”
Investment in NI
Par Equity, the Edinburgh-based venture capital firm, has led investments totalling £3.2m in two Northern Irish software companies, Plotbox and Datactics.
The companies represent a growing collective of technology firms based in the country benefitting from consistent support for start-ups from the private and public sector. A study published last year by the Enterprise Research Centre showed that compared to the rest of the UK, a higher proportion of Northern Irish companies exceeded £1m turnover within three years.
Par Equity partnered with Ironbridge Capital Partners on the £2m investment into Ballymena-based Plotbox. The company provides software for cemetery management, enabling the user to run every aspect from mapping plots to maintaining records and deeds.
Datactics is based in Belfast and received £1.2m as part of a partnership between Par Equity and Kernel.