Maven, Par Equity sell Symphonic stakes to trade

Ping and Symphonic have worked together over the past two years, according to a statement, combining Symphonic's authorisation platform with Ping's data privacy and consent products.

The sale generated returns of 2.9x money and an IRR or 90% for Maven, the GP said in a statement. The deal is Maven's fourth exit of 2020, according to the same statement, and follows Maven's sale of its stake in Lending Works to NVM Private Equity in July 2020.

Previous funding
Par Equity, the Scottish Investment Bank (SIB) and a number of angel investors took part in a funding round for Symphonic in January 2014. The company planned to use the fresh capital to launch its software platform.

Maven led an investment round for Symphonic in May 2019, investing alongside existing backers Par Equity and SIB.

Company
Founded in 2014 as a spinout from Edinburgh Napier University, Symphonic provides organisations with an authorisation platform through which they can share sensitive information. The company's clients include financial institutions, and health and social care organisations.

People
Ping Identity – Andre Durand (CEO).
Symphonic Software – Derick James (CEO).
Maven Capital Partners – David Milroy (partner), Alan Robertson (investment director).
Par Equity – Richard Lewis (director).

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• Topics
• Exits
• UK / Ireland
• Technology
• United Kingdom
• Trade sale
• Maven Capital Partners