Napier spin-out Symphonic acquired by Ping Identity
Derick James: ‘thrilled to continue our journey’
Edinburgh Napier University spin-out Symphonic Software has been acquired by US intelligent identity firm Ping Identity Holding Corporation in a $31m deal.
Symphonic Software, which has developed technology to prevent fraud, improve cybersecurity, and comply with regulations, was spun-out of Napier’s School of Computing in 2013. It is based in Melville Street, Edinburgh.
Over the past two years Symphonic and Ping Identity ave enjoyed a collaborative partnership, pairing Symphonic’s authorisation platform with Ping’s data privacy and consent products.
Derick James, CEO of Symphonic, said: “For the past two years Symphonic has worked alongside Ping to make policy management easy for enterprises.
“Ping Identity’s dedication to their customers aligns well with Symphonic’s values, and we are thrilled to continue our journey together as one.”
Investor Par Equity achieved a return in excess of eight times across two rounds of investment for its EIS Fund from the sale. Par’s earliest EIS Fund investors secured a 9.5x return. Maven Capital Partners saw a 2.9x money multiple return and 90% IRR for investors.
Napier university is producing a number of leading edge tech firms. Zonefox was sold to US giant Fortinet while it has big hopes for Cyan Forensics and Memcrypt, which is tackling new and increasingly sophisticated tactics used by the cybernats.
Bill Buchanan: ‘so proud’
Following the Symphonic deal Prof Bill Buchanan of Napier’s School of Computing, tweeted: “I am so proud … after @zonefox … now @SymphonicSoft pushes forward … this amazing City of #Edinburgh supports innovation at every heartbeat. @EdinburghNapier and @ComputingNapier, too, has supported these spin-outs from research to commercialisation.”
Andre Durand, CEO and founder of Ping Identity, said: “With increasing data privacy regulations, users are demanding that enterprises give them better digital experiences with more transparency and control.
“The acquisition of Symphonic accelerates our vision for enterprises to not only maintain security and compliance with confidence, but to easily deliver personalised, trustworthy experiences.”