Identity and access management (IAM) specialist ProofID has acquired identity governance and administration (IGA) integrator Regatta Solutions Group. Financial terms of the deal were not disclosed, but according to a statement, the combined business is projected to generate more than $32 million in revenue in 2023.
This marks technology M&A deal number 270 that ChannelE2E and MSSP Alert have reported on in 2023. See more than 2,000 technology M&A deals for 2023, 2022, 2021, and 2020 listed here.
ProofID, founded in , is based in . The company has employees listed on LinkedIn. ProofID's areas of expertise include .
Regatta Solutions Group, based in Austin, Texas, was founded in . The company has 35 employees listed on LinkedIn. Regatta's areas of expertise include .
The company will initially trade as 'Regatta, a ProofID company' and will subsequently be fully integrated into ProofID. The combined company will deliver IAM solutions and managed service provider (MSP) services across Europe and North America, according to the statement.
The acquisition unites the competencies of both organizations as leading integrators of Ping Identity and SailPoint solutions respectively - whilst positioning the company as a provider of enterprise identity solutions and global identity managed services.
For customers of both companies, it provides an opportunity to work with one partner to manage Ping Identity and SailPoint solutions. Following the acquisition, ProofID will grow and strengthen its partnership with SailPoint, broaden its existing IGA business and expand its SailPoint practice into Europe as well as offering identity managed services to both Ping Identity and SailPoint customers. ProofID will also add Austin, Texas to its existing US base in Colorado Springs from which to continue growth in North America.
Tom Eggleston, CEO, ProofID, commented on the news:
"With the acquisition of Regatta, our customers have access to a much wider set of expertise and competencies whether managing identities within the enterprise or building personalized experiences for their customers. As a united force we have the proven expertise and resources to integrate both Ping Identity and SailPoint solutions, deliver expert solutions and provide managed services across both Europe and North America making ProofID a frontrunner across identity management disciplines."
John Ciulla, CEO, and president of Regatta said: "We are incredibly excited to join forces with ProofID and embark on this transformative journey together.
"This acquisition marks a significant milestone for Regatta, as it allows us to combine our respective knowledge and expertise across the leading enterprise identity security solutions from SailPoint and Ping Identity, elevating our offerings to new heights. With our expanded global reach and the ability to offer both SailPoint and Ping Identity managed services, we are now poised to deliver unparalleled value to our customers worldwide."
ProofID has been Ping Identity's Delivery Partner of the Year for the last five years and is a leading IAM managed services franchise with over 60 global enterprise customers. In 2022 Maven Capital Partners invested $19 million in the business, and it has had a greater than 30% annual revenue growth rate for the last three years. Regatta is a SailPoint Admiral Delivery Partner, the highest accolade, and has achieved similar revenue growth.
Following the acquisition of Regatta, ProofID will count Williams and Love's, Avis, Tesco Bank, Nelnet and Paymentus among its customers.
