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<\/p>\nA cybersecurity firm which is owned by the founder of Manchester-headquartered technology specialist UKFast has taken a stake in a listed counterpart in a move which also sees it dispose of certain assets.<\/p>\n
The share purchase agreement has been struck between Secarma and Shearwater Group plc.<\/p>\n
<\/p>\n
The assets being sold by the former include Pentest. Established in 2001, the business was acquired by Secarma in 2016. Since then, it has gone on to build a substantial customer base of more than 250 clients, including a number of major multinational companies in the UK, US and Europe.<\/p>\n
Consideration of \u00a37.4m is to be paid by Shearwater through \u00a36.7m in new ordinary shares and \u00a3700,000 in loan notes. The deal also sees Secerma take a 13.3 per cent stake in Shearwater.<\/p>\n
Following the transaction, Secarma will continue to employ a 40-strong team and remain owned by UKFast founder and chief executive Lawrence Jones MBE.<\/p>\n
Jones said: “Secarma continues to go from strength to strength and we have laser focus on the direction we want to take the business. Two decades’ experience building and supporting cloud platforms with UKFast, and working closely with customers, has given us clear insight into their needs.\u00a0We’re building out some really innovative recurring revenue products to give peace of mind to our customers.”<\/p>\n
Shearwater has a longstanding relationship with Secarma and will continue to collaborate across certain projects.<\/p>\n
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.\u00a0We’ve looked at a number of opportunities in this sector and we’re delighted to have secured a deal to purchase this business. The incoming team’s industry expertise and considerable experience as well as market position will be very complementary to our services businesses and provides another key capability for the group as a whole.”<\/p>\n
Secarma \u2013 which is headquartered at the UKFast Campus in Manchester \u2013 was advised on the deal by 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.<\/p>\n","protected":false},"excerpt":{"rendered":"
A cybersecurity firm which is owned by the founder of Manchester-headquartered technology specialist UKFast has taken a stake in a listed counterpart in a move which also sees it dispose of certain assets. The share purchase agreement has been struck between Secarma and Shearwater Group plc. The assets being sold by the former include Pentest. […]<\/p>\n","protected":false},"author":1,"featured_media":4359,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[123],"class_list":["post-1519","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech-sparx","tag-manchester"],"yoast_head":"\n