Secarma buys 13.3% stake in Shearwater Group in £7.4m deal

Mergers & Acquisitions | North West | Scotland | South East | Technology
Lawrence Jones
Lawrence Jones

Cybersecurity firm Secarma Ltd has taken a 13.3% stake in Shearwater Group PLC, in a deal worth £7.4m.

The transaction sees Secarma, a provider of penetration testing and cloud security solutions, sell its legacy Pentest subsidiary to Shearwater.

£6.7 million will be paid in new ordinary shares and £0.7 million in loan notes.

The assets being sold include the Databridge Software Division, which owns and operates a cloud-based platform-as-a-service software package. Databridge is licensed to customers on a recurring revenue basis and integrates IT service management platforms and ticketing systems.

Secarma is owned by UKFast founder and CEO Lawrence Jones MBE. Lawrence 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. Our fast-growing cloud security division is where we’re focussing our attention.

“We’re building out some really innovative recurring revenue products to give peace of mind to our customers.”

Shearwater has a longstanding relationship with Secarma and will continue to collaborate across certain projects.

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.”

Secarma is headquartered at UKFast Campus in Manchester, with teams based in Scotland and London.

Secarma was advised on the deal by longstanding legal adviser 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.

Did you enjoy reading this content?  To get more great content like this subscribe to our magazine

Reader's Comments

Comments related to the current article

Leave a comment

Your email address will not be published. Required fields are marked *