Wavenet swoops for cyber security division
Wavenet, supported by private equity and recognised for its telecommunications and technology services, has recently expanded its cyber security capabilities with the acquisition of a company’s cyber security division, facilitated by EMC Corporate Finance.
This acquisition follows Wavenet’s strategic move last year when it acquired OGL IT Services and CyberGuard, leaving OGL Software as an independent entity focusing on selling ERP software for wholesalers and distributors.
The recent acquisition was initiated in November when Falanx Cyber Security agreed to sell its primary operating subsidiary, Falanx Cyber Defence Limited (FCD), and its subsidiary Falanx Cyber Technologies Limited (FCT), to Thetis Bidco for an enterprise value of £4.2 million.
Bill Dawson, Wavenet’s chief executive, commented on the latest acquisition: “Wavenet is excited about the prospects this acquisition brings, and we appreciate EMC’s commitment to ensuring the success of the deal. We look forward to leveraging the expertise of both companies to enhance our cybersecurity offerings.”
Rick Flood, managing director of Falanx Cyber, also shared his enthusiasm: “The opportunity to join the Wavenet Group gives Falanx Cyber even more scope to deliver its security services into new customers and markets. We are excited to be part of Wavenet’s continued growth in cyber security, and look forward to adding our skills and capabilities to the group, whilst also allowing our customers to benefit from all of Wavenet’s core services across cyber security, IT, networking, voice and the cloud.”
EMC Corporate Finance was instrumental in the successful acquisition for Falanx, a move that is expected to further strengthen Wavenet’s position in the cybersecurity sector and enable Falanx to expand its reach and capabilities.
Mike Read, chief executive of Cloudified Holdings, praised EMC Corporate Finance’s role: “EMC Corporate Finance, led by Michael Pay, managed the sale of Falanx Cyber Security and demonstrated exceptional dedication, professionalism and expertise throughout the entire process. From initial negotiations to the finalisation of the deal, EMC’s guidance was invaluable and practical, and really helped progress the negotiations. We believe that by being part of a larger group, Falanx Cyber Defence will create new opportunities for service delivery, customer value creation and employee development.”
Michael Pay, co-founder of EMC, reflected on the transaction: “It was a pleasure to work with Falanx to achieve a successful outcome for all stakeholders. The deal marks a significant milestone for EMC as we begin our 35th year in advising businesses across the region. Being listed on AIM and having to work in a heavily regulated environment created additional layers of complexity and the business should be better able to grow in its new environment.”