LAGUNA HILLS, CA – Sept. 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 Defenses External Certificate Authority (ECA) program, and the General Service Administrations (ACES) program and provides identity management solutions for ten of the worlds largest financial institutions. In the UK, IdenTrust digital certificates secure more than 6 billion payment transactions annually, with an aggregate value exceeding $7 trillion.
IdenTrusts experience and expertise in providing identity management for many of the worlds 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 companys infrastructure, management strengths and its ability to provide interoperability across borders, industry delineations, and application silos, said John Baldwin, Partner at Parallax. This is Parallaxs 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 worlds 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, IdenTrusts 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, Inc.
IdenTrust” (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. IdenTrustTM enables end-users to have a single identity that can be used with any bank, any application, and across any network. IdenTrustTM identities are globally interoperable under uniform private contracts.
About Parallax Capital Partners
Parallax Capital Partners, LLC (parallaxcap.com), is a private equity firm focused on acquiring and operating application software and related services companies. Since 1999, Parallax has acquired over 20 companies. Parallax’s previous and current portfolio companies generate over $1.5 billion of annual revenues and have provided significant returns for its investors, partners and employees. Parallax has built an exceptional track record of transitioning divisions, subsidiaries and product lines into successful stand-alone entities.
About StepStone Group LP
StepStone Group LP (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.