Glasgow-based private equity firm Maven Capital Partners said on Monday it has led an investment round alongside existing shareholders Par Equity and the Scottish Investment Bank in Edinburgh-based Symphonic Software Limited.

Symphonic is a leading player in the “Identity and Access Management”(IAM) market.

The funding will be used to further scale the business and invest in sales, marketing and product innovation.

“Symphonic has developed a fine-grained, context-aware authorisation software solution that enables organisations to securely share critical, time-dependent and sensitive information by managing access to data and services in the inter-connected digital economy,” said Maven.

“It does this by enabling the user to set rules and controls, even for the most complex administrative requirements, at extreme granular levels …

“Heightened security, an emphasis on risk management and the introduction of ever increasing digital access channels, is driving market demand as customers’ interactions with the organisation become deeper and more complex.

“As a result, the IAM market is growing rapidly and is forecast to be worth in excess of $20 billion by 2022.”

David Milroy, partner at Maven, said: “We are delighted to be leading the investment in Symphonic Software.

“The company operates in a high growth sector driven by significant new regulation.

“Symphonic is targeting further growth in retail banking and other sectors and is well positioned to expand into new markets.

“We look forward to working with Derick and his team over the coming years to scale the business and deliver on its growth strategy.”

Symphonic CEO Derick James said: “We are very pleased to maintain our strong relationship with Par Equity and the Scottish Investment Bank and are delighted to welcome Maven as part of this latest investment round.

“The team at Symphonic is looking forward to continuing to drive the company’s success with the support of our new and existing investors”.

Maven Capital Partners has invested over £400 million in British businesses since 2009. Headquartered in Glasgow and with ten offices throughout the UK, Maven has £630 million funds under management and ready to invest.