ProofID announces £4m merger with US counterpart
Manchester-based identity tech firm ProofID has announced a £4m merger with its US counterpart PEGRight Inc, an identity and access management specialist.
The Old Trafford-based company will immediately increase group turnover by 50 per cent, to over £6m, and the number of employees will rise from 32 to 48.
The merger will see the creation of a company with a potential market valuation of over £18m that will operate across both Europe and North America delivering independent identity and access management solutions.
PEGRight’s executive directors will join the board of directors of ProofID, and take a lead role in the management and strategy of the group.
Both companies will initially continue to trade under their own brand names, so as not to lose recognition in their own territories.
Tom Eggleston, CEO of ProofID said: “The opportunity to come together with PEGRight is tremendously exciting for ProofID our partners and customers.
“We are perfectly matched, bringing together unrivalled technical expertise on both sides of the Atlantic, whilst both bringing additional products and services to enhance each business.
“Our new-found scale enables us to accelerate our product development and bring additional value and services to our existing managed service customers, whilst allowing us to address new territories and markets that were previously closed to us.”
Whilst sharing some common lines of business – both ProofID and PEGright are integration partners for Ping Identity Inc. in their respective territories – the merger will create an organisation greater than the sum of its parts by opening up new territories for each company’s unique products and services.