Together, ProofID and PEGRight plan to launch a global IAM solutions company with a potential market valuation of over $23 million that will operate across both Europe and North America, according to a prepared statement.
The ProofID-PEGRight merger will create an organization "greater than the sum of its parts" by opening up new territories for each company's products and services, PEGRight indicated.
PEGRight's executive directors will join ProofID's board of directors, and both companies initially will continue to trade under their own brand names, PEGRight pointed out.
In addition, the merger will immediately increase group turnover by 50 percent to over $7 million, with the number of employees rising from 32 to 48, PEGRight noted.
Following full integration of the businesses, ProofID will focus its efforts on developing its software offerings, enterprise managed service offerings and a presence in the Asia-Pacific region, along with continue to support its vendor partners, the company pointed out.
Furthermore, ProofID will introduce its Identity as a Managed Service (IDaaMS) cloud-based IAM service to the North American market, while PEGRight's patented Identity Analytics platform will complement and accelerate ProofID’s existing Identity Governance and Administration enterprise security offering across EMEA and North America, according to a prepared statement.
ProofID and PEGRight: Here's What You Need to Know
Both ProofID and PEGRight are integration partners for Ping Identity, a unified identity defined security platform provider.
ProofID is a UK-based MSP that manages 750,000 identities and delivers IAM support across 73 countries, according to the company.
PEGRight is a Colorado-based IAM systems integrator that offers support in a number of areas, including:
- Application programming interface (API) security.
- Mobile identity management.
- Monitoring and security and information event management (SIEM).
- Multi-factor authentication.
- Single sign-on.
- User provisioning.
Going forward, the combined strengths of ProofID and PEGRight will enable the companies' joint customers and partners to enhance the vision of access to everything from any device, PEGRight CEO Eric Uythoven said in a prepared statement.
"Our combined strengths expand the portfolio of our business solutions and managed service offerings, bringing even greater value to our clients and partners," Uythoven indicated.