Parallax Capital Partners and StepStone Group have acquired a majority interest in IdenTrust, a security and identity software and services provider. This is Parallax’s second acquisition in the identity and access management sector in the past several months.
IdenTrust enables organizations to secure applications and networks, streamline electronic workflows, and provide online fraud protection and regulatory compliance by using a single digital identity that can authenticate, encrypt, and create electronic signatures for every type of transaction or activity where identity is a necessary component. IdenTrust digital certificates are deployed across 60 nations worldwide. IdenTrust is the largest provider of digital identities for the Department of Defense’s External Certificate Authority program, and the General Service Administration’s program and provides identity management solutions for ten of the world’s largest financial institutions. In the UK, IdenTrust digital certificates secure more than 6 billion payment transactions annually, with an aggregate value exceeding $7 trillion. IdenTrust is based in San Francisco (www.IdenTrust.com).
“IdenTrust’s experience and expertise in providing identity management for many of the world’s largest banks, its role as a major identity provider to the US Federal and State Governments, and its growing emergence as an identity solution for the corporate sector make it the perfect company for us to invest in. We see significant potential in building upon the company’s infrastructure, management strengths and its ability to provide interoperability across borders, industry delineations, and application silos,” said John Baldwin, Partner at Parallax.
Parallax Capital Partners invests in software and computer related technology companies that have annual revenues between $5 million and $100 million and that are based in the US, Canada, Europe and Asia-Pacific. Parallax has acquired over 16 companies since its inception. The firm is headquartered in Laguna Hills, CA (www.parallaxcap.com).
StepStone provides investment services to institutional investors through a combination of private equity fund investments, co-investments and secondary purchases. The firm oversees more than $55 billion of private equity allocations and has offices in San Diego, New York, Beijing, and London (www.stepstonellc.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 9-27-13