A BOUTIQUE corporate finance specialist has helped a Scottish cyber security company secure growth capital investment to scale its business internationally, despite challenging economic conditions.
Led by HNH director Neal Allen, the Scottish arm of the Belfast-based multi-disciplinary financial advisory firm secured £2.7 million investment from Maven Capital Partners through its venture capital trusts, alongside the Scottish Investment Bank, which will allow Edinburgh-headquartered Quorum Cyber Security to scale up.
In a sign of the resilience of the Scottish tech sector and the appetite for investment in ambitious Scottish businesses, the growth capital deal was instigated by Quorum Cyber’s managing director Federico Charosky, who has a 40% stake in the business.
With a turnover of £2.7m and a team of 25 in the capital, Quorum Cyber provides professional security services for UK and international clients including a fully managed detect and response capability via the company’s Microsoft Azure Sentinel Security Operations Centre (SOC).
Charosky will use the capital to invest in sales and marketing, as well as product innovation to ensure clients can confidentially operate within an increasingly hostile cybersecurity environment.
Allen and the HNH team, which specialises in advising SMEs and entrepreneurs on mergers and acquisitions and growth capital activity, spent several months working with Quorum Cyber to secure the most appropriate investment solution. Having identified several potential investors among its extensive network, HNH secured the investment from Maven Capital, one of the UK’s most active private equity houses.
Allen, director, deal advisory, at HNH, said: “While Covid-19 and Brexit have created a challenging financial climate, this demonstrates that there is appetite for growth and investment in Scottish business. It was very encouraging that there was a lot of interest among Scottish-based private equity/venture capital funds.
Charosky said: “This deal will enable Quorum Cyber to continue to grow in a sustainable way, ensuring we continue to exceed customer expectations, while protecting the amazing culture we’ve created.”
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