Cybersecurity software company completes MBO

Sat, 22 Dec 2018 | MBO/MBI



London-based cybersecurity software company SentryBay has completed a management buyout deal.

Overseen by ICON Corporate Finance, a debt facility of £7 million was provided by ThinCats alongside ESF Capital. An unnamed US technology corporation also contributed some funding.

SentryBay's chief executive, Dave Waterson, said: "ICON were a great help in raising the finance and supporting the MBO. SentryBay is now poised to capitalise on the market opportunity and achieve its growth ambitions.

"SentryBay is in a unique position to enable the secure use of BYOD devices and assist enterprises to meet their compliance requirements, while creating innovative solutions that meet emerging threats."

The software firm develops technology for PC, mobile, the cloud and IoT with a focus on key aspects of security threats like point of entry, during transmission and exposure to new phishing and malware attacks.

Eddie Harding, partner at ICON who led the deal, said: "I’m delighted that we have enabled management to complete this relatively complex recapitalisation transaction. Cybersecurity is a very hot sector and the market is going through a period of rapid growth as companies struggle to contain persistent cyber-attacks and data breaches.

"This deal will allow the executive team to focus on investing in the growth of the business to create a global leader in endpoint protection software."

ICON Corporate Finance assists tech owners in raising capital for business ventures and also facilitates sale of tech businesses to get the best value possible. Aside from MBOs, ICON also specialises in exit reviews, acquisitions and corporate finance strategy.

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