Private equity firms Parallax Capital Partners and StepStone Group said Wednesday that they have acquired a majority stake in IdenTrust. No financial terms were disclosed. Based in San Francisco, IdenTrust is a provider of security solutions for businesses.
LAGUNA HILLS, CA–(Marketwired – Sep 25, 2013) – Parallax Capital Partners (“Parallax”) a Southern California based software focused private equity firm and StepStone Group, LP, a global private equity firm are pleased to announce they have acquired a majority holding in IdenTrust, Inc. (“IdenTrust”), a leader in global trust and identity solutions.
Based in San Francisco, CA, 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 actively deployed across 60 nations worldwide. IdenTrust is the largest provider of digital identities for the Department of Defense’s External Certificate Authority (ECA) program, and the General Service Administration’s (ACES) 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’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. This is Parallax’s second acquisition in the identity and access management sector in the past several months.
Karen Wendel, IdenTrust CEO, commented, “We are delighted to work with distinguished investors. Their commitment provides still more compelling evidence of the underlying value proposition that the founders of IdenTrust envisioned, and of the potential for the world’s regulated financial institutions to build upon their historic core strengths of “Know Your Customer” and trust, to support and serve their customers, both in the private and governmental sectors, in addressing the significant operational risks of the Internet era.”
John Bullard, IdenTrust’s Global Ambassador based out of London, added “This investment enables IdenTrust to build upon our existing offerings, and to further develop industry solutions both for the mobile era and also for the combination of physical and digital environments, working collaboratively with partners worldwide.”
About IdenTrust™ IdenTrust™ (www.IdenTrust.com) is a leader in trusted identity solutions recognized by financial institutions, government agencies and businesses around the world. The only bank-developed identity authentication system, IdenTrust™ provides a legally and technologically interoperable environment for authenticating and using identities in more than 175 countries. IdenTrust™ enables end-users to have a single identity that can be used with any bank, any application, and across any network. IdenTrust™ identities are globally interoperable under uniform private contracts.
About Parallax Capital Partners, LLC
Parallax Capital Partners, LLC (www.parallaxcap.com), is a private equity firm focused on acquiring and operating application software and related services companies. Parallax has acquired over 16 companies since its inception. Parallax partners with its portfolio companies to provide experienced management skills and cost effective infrastructure support including accounting and finance, sales and marketing, research and development, and human resources.
About StepStone Group, LLC
StepStone Group LLC (www.stepstonellc.com) is an independent firm focused exclusively on providing private equity asset management and advisory services. The firm oversees more than $55 billion of private equity allocations and has offices in San Diego, New York, Beijing, and London. StepStone provides investment services to institutional investors focused on achieving superior risk-adjusted private equity returns through a combination of private equity fund investments, co-investments and secondary purchases. StepStone has a proprietary research based approach to optimizing exposure to top performing investment strategies, geographies and managers.