Bradford-based cyber security firm ECSC Group is to float on the stock exchange, it was announced this morning.
The business, which lists major blue-chip companies among its clients, will float on AIM on December 14.
As a result of the recent proliferation of high profile cyber security breaches affecting some of the world’s most largest companies, cyber security has become a strategic issue for company boards.
This has, the firm said, created an opportune moment for an established and proven provider of cyber security services with a blue chip client base to list on AIM and accelerate its growth.
Founded in 2000 it serves a wide range of sectors including Barclays and GCHQ.
A profitable, cash generative business with a compaund annual growth rate of 16.9 per cent 2013–2016 vs. estimated market CAGR of 6%.
The board of directors on admission includes Nigel Payne, previously CEO of Sportingbet Plc, as Non-Executive Chairman; David Mathewson, former Chief Financial Officer of Playtech Group plc, as Non-Executive Director; and Steve Vaughan, previously Group Chief Executive Officer of publicly listed companies Phoenix IT plc, Communisis plc and Sunstar plc as well as being chairman of Charteris plc, also as a Non-Executive Director
The Company is proposing to raise approximately £5 million: through a placing of 2,994,011 new shares at a price of 167 pence per share giving the Company a £15m anticipated market capitalisation.
Cyber is a hot issue at the moment.
The Chancellor recently set aside £1.9 billion in his new national cyber security strategy. The UK’s first National College of Cyber Security is set to open at Bletchley Park, the historic site that was once integral in the cracking the Nazi enigma code. It follows recent hacks on San Francisco’s light rail system and Tesco Bank and Michael Page.