Cybersecurity firm Secarma Ltd has taken a 13.3 per cent stake in Shearwater Group PLC, in a deal worth 拢7.4m.
The transaction sees Secarma, a leading provider of penetration testing and cloud security solutions, sell its legacy Pentest subsidiary to Shearwater.
Consideration of 拢7.4 million is to be paid by Shearwater through 拢6.7 million in new ordinary shares and 拢0.7 million in loan notes.
The assets being sold include the Databridge Software Division, which owns and operates a cloud-based platform-as-a-service software package. Databridge is licensed to customers on a recurring revenue basis and integrates IT service management platforms and ticketing systems.
Following the transaction, Secarma will continue to employ a 40-strong team of penetration testers and senior management and is owned by UKFast founder and CEO Lawrence Jones MBE.
鈥淪ecarma continues to go from strength to strength and we have laser focus on the direction we want to take the business,鈥� said Jones.
鈥淭wo decades鈥� experience building and supporting cloud platforms with UKFast, and working closely with customers, has given us clear insight into their needs. Our fast-growing cloud security division is where we鈥檙e focussing our attention.
鈥淲e’re building out some really innovative recurring revenue products to give peace of mind to our customers.鈥�
Secarma continues to foster an ever-closer partnership with British hosting giant UKFast, also owned by Lawrence Jones MBE, addressing the overlapping needs of their respective customer bases and service offerings in response to the significant rise in cybercrime.
Jones continued: 鈥淲ithin UKFast, we鈥檙e developing our Security Operations Centre, our Threat Monitoring service and just this week we announced a 拢4m investment in our global DDoS protection network, DDoSX. These products sit incredibly well alongside Secarma鈥檚 cloud security division.鈥�
Shearwater has a longstanding relationship with Secarma and will continue to collaborate across certain projects.
Shearwater Group chairman David Williams said: “Secarma is going to be a meaningful shareholder in Shearwater Group and we’re looking forward to working closely together for the benefit of all parties.”
Jones added: 鈥淭here’s a symbiotic relationship and close synergies between the two businesses.鈥�
Secarma is headquartered at UKFast Campus in Manchester, with teams based in Scotland and London.
Secarma was advised on the deal by longstanding legal adviser CMS, led by Manchester Head of Corporate, Howard Gill, who was assisted by a team including Tracey Marsden, James Crossman, James Kay and Tim Dobbing.