Falanx secures £1m of funding from BOOST&Co
The AIM-listed Falanx Group (AIM:FLX), a global intelligence, security and cyber defence provider, has secured a substantial investment that will enable the Reading-based group to strengthen its core cyber division, in addition to supporting its plans for organic growth. Its initial £1m growth loan from the alternative lender BOOST&Co is expected to rise to £2.5m.
Falanx offers specialist services in areas around cyber security monitoring, cyber security penetration testing, business and strategic intelligence consulting and political risk forecasting and analysis. It works with critical national infrastructure as well as on behalf of the UK government.
The group’s cyber security division reported very strong trading in the first four months of 2021/22, and Falanx Assynt, the company’s strategic intelligence division, recently signed a £1.2m contract with one of the world’s largest technology firms.
BOOST&Co chose to invest in the group because Falanx is operating at the forefront of the fast-developing cyber security and intelligence sectors. The lender has been impressed by the company’s team and by the well-established services that the business provides.
Joanna Scott, Managing Director at BOOST&Co, says: “We are delighted to be working with Falanx on its continuing growth journey and to be supporting UK businesses in this unprecedented environment.
“The company’s innovative services, strong management team, solid customer relationships, growing order book and market alignment leave the business very well placed to capitalise on growth opportunities in the near future.”
Mike Read, Chief Executive at Falanx, says: “Our much-improved trading, particularly in our core cyber security division, combined with a growth loan from BOOST&Co, puts us in a strong position to exploit the major opportunities ahead, through either organic investment or earnings-enhancing acquisitions.
“Our progress in cyber and the expanding contract base in our Assynt strategic intelligence division underpin our plans for growing equity value.”