How Deep Identity got its fairy-tale ending
By Benjamin Cher | Jan 25, 2016
*Inhabited a ‘niche within a niche’ in the Singapore startup scene
*ID management company’s ops span Asia, Europe and Middle East after 4yrs
ENTREPRENEURS and investors dream about exits, but most Singapore startups seem to only want to tackle the B2C (business-to-consumer) market, ignoring the lucrative B2B (business-to-business) market growing under their noses.
B2B startups occupy a niche in the island-republic’s startup scene, despite the fact that a horde of multinational corporations house their Asia Pacific regional headquarters here.
And if you’re cybersecurity startup, that’s a niche within a niche. Here’s another layer: If you’re cybersecurity startup specialising in the esoteric field of identity and access management (IAM) solutions, then you’re really operating in a niche within a niche, within yet another a niche.
And if all that sounds like it makes poor business sense, think again: In the approximately four years since its founding in 2012, Singapore IAM startup Deep Identity has not only established operations across Asia, Europe and the Middle East; it just got acquired too, though for an undisclosed sum.
That acquisition by Trusted Source, a subsidiary of Temasek Management Services, last November gave the startup a fairy-tale ending. Temasek Management Services is a subsidiary of Temasek Holdings, a sovereign wealth fund owned by the Singapore Government. Read more…