My1Login, a European leader in Identity and Access Management solutions, has announced £1.3 million of new investment which will help it further penetrate the European enterprise sector with its range of solutions to combat data breaches and cyber crime. This round of funding follows on from £680k raised in 2013.
My1Login announced recently that Scottish Water Business Stream has become a major enterprise customer. Salesforce and RSA have also become strategic partners.
Over 1,000 companies rely on My1Login to secure access to their data, with a key focus on highly-regulated markets including financial services and public sector. My1Login provides next generation Identity and Access Management (IAM) solutions for Enterprise and eliminates the need for passwords in business by providing Single Sign-On that works with all applications, across all devices. The service works with cloud, mobile and legacy desktop applications, which enables them to fully address Single Sign-On challenges even in the most complex of enterprise environments where apps are often a mix of cloud, mobile and legacy systems such as mainframes.
Mike Newman, CEO, My1Login said: “My1Login has landed some very large contracts and we are delighted the additional investment will give us the means to accelerate our growth in Europe. With the safe-harbour framework recently being ruled as invalid, European businesses are increasingly nervous, not just about hosting data in the US, but also about working with US-headquartered software vendors who operate outside of EU data protection legislation.”
He added: “I’m pleased that My1Login has continued to attract larger levels of investment reflecting increasing confidence in our growth plans.”
The HM Government Information Security Breaches Survey found that the average cost of a data breach to a large UK organisation was £2.3m. It also found that 90% of large UK businesses suffered a data breach last year with Verizon finding that 65% of the causes of data breaches were as a result of weak employee password practices. My1Login’s Identity and Access Management Solutions eliminate this risk.
The investment has been raised from a consortium of the Scottish Investment Bank (the investment arm of Scottish Enterprise), Equity Gap, Tri Capital and Par Equity.
Kerry Sharp, Head of the Scottish Investment Bank, says: “It is companies like My1Login that we are here to support and it is exciting to see the company continue to expand its offering and market reach. Scottish Enterprise looks forward to supporting My1Login’s continued growth.”
TRI Cap chairman, Rob Dick, comments: “Our syndicate members are extremely impressed by the technology and IP that My1Login have developed and continue to support them while they develop their business.”
Jock Millican of Equity Gap adds, “I’m delighted with the success of My1Login and am looking forward to continuing to support its growth – the company’s momentum is impressive and, with the market set to grow to £18billion, it’s good being on board with such an ambitious and energetic team.”
"Par Equity seeks to invest in scalable, IP rich businesses with global prospects and we are delighted that My1Login is performing so well in this respect.” stated Paul Atkinson, Partner of Par Equity.