The company
Edinburgh based, Symphonic Software offers access management software that gives enterprise customers centralized visibility and control over the policies that apply to their entire data landscape within one easy-to-use interface. Symphonic enables safe and secure data-sharing in multi-organisation ecosystems, providing the levels of Trust and Governance demanded by sectors that handle sensitive financial, citizen, or IP data.
The opportunity
Par Equity was attracted by Symphonic’s novel and highly skilled approach to addressing a growing issue around data access and management. Concepted within Edinburgh Napier University, Par supported the spin-out in 2014 and the formation of the management team. At the time of Par’s first investment, the technology addressed a growing pain point for enterprise clients as regulation tightened, with this target market - Identify and Access Management – reaching £26bn in 2020. Following the initial investment in 2014, Par supported the Symphonic over 3 follow-on investment rounds before its exit in 2020.
The exit
Symphonic was acquired by one of its channel partners, Ping Identity, in October 2020. Ping Identity, a NYSE listed company, offered a fantastic opportunity to continue to expand Symphonic’s global customer base whilst keeping existing staff employed in Edinburgh with significant prospects for the future. At the time of the exit, Par was the largest investor in Symphonic.
What they said
Derek James, CEO of Symphonic said shortly after the exit, “the first thing I need to say is thank you to Par Equity. The guidance and support they have provided to Symphonic over the past seven years has been invaluable. On day one they provided our team with support that was key to identifying directors and board advisors as the business grew.”
Derek is now an active contributor to the Scottish entrepreneurial scene, mentoring and supporting the next generation of high growth tech companies.
