· Privitar, the UK-based software provider, announces that Citi has completed a minority strategic investment stake in the company.
· Citi joins existing Privitar’s shareholders, Partech, Salesforce Ventures, CME Ventures, Illuminate Financial Management and IQ Capital.
Privitar is recognized as a global leader in data privacy software and is working with data-driven organisations across industries including financial services, life sciences, public sector and telecommunications. Customers are using its software to reduce the threat of advanced privacy attacks and protect data using the latest privacy enhancing technologies.
As Citi embraces data-driven insight and looks to accelerate adoption of public cloud and the advantages of elastic compute, the bank has recognised the increasing strategic importance of privacy engineering.
Stuart Riley, Global Head, Operations and Technology, Markets and Securities Services, Citi, said: "Our investment in Privitar demonstrates our commitment to help clients make fast, data- informed, decisions through smarter use of machine learning and cloud compute whilst ensuring the security and privacy of the data."
The investment will support Privitar’s international expansion, particularly in the US where it plans to expand its existing teams on the East Coast.
Jason du Preez, CEO at Privitar, added: "We are excited to partner with Citi, particularly as we expand operations in the United States. This deal demonstrates the vital role that data privacy technology has to play in maintaining trust and building confidence in the global data ecosystem.
Organisations across the globe are looking to improve their products and provide superior customer service. Making decisions based on data-driven insight provides competitive advantage and we are seeing strong, consistent demand from customers that believe in building sustainable data pipelines with the trust and confidence of consumers.”
Jean-Marc Patouillaud, Managing Partner, Partech Ventures, said: “Since Partech decided to invest in Privitar in 2017, we have seen continuous growth with landmark deals and high-profile customers in the FTSE100. It’s exciting to see Citi come on board and backing Privitar’s US expansion.”
Source: Citi
