As the number of high-profile cyber-attacks continues to dominate the headlines, ThinCats have supported SentryBay Limited, a real-time cyber security software company, with a £7m growth capital facility.
SentryBay Limited is a privately held firm headquartered in London with offices in the USA and Australasia – with major blue-chip customers and partners globally.
The company specialises in providing containerisation solutions for financial institutions and enterprises – securely wrapping PC-based and SaaS applications. With the move to a distributed workforce and BYOD, SentryBay facilitates this trend by creating secure containers – even on unmanaged PC’s – allowing users to securely run any application and transmit data. SentryBay also have a range of identity theft protection software and data monitoring services, with all software underpinned by several patents.
Dave Waterson, Founder and CEO, SentryBay commented: “As a management team, we are excited to take the business to the next phase of growth. The capital facility from ThinCats is an important step in our journey. We have some of the biggest names using our technology globally and our solutions solve some of the key security and compliance challenges enterprises now face. SentryBay is now poised for significant growth, as well as extending our technology to the next level.”
The funding line structured by Kash Moghul, Director, Regional Business Development and structured and executed by Mahesh Chordia, Director, Credit at ThinCats will allow SentryBay to recapitalise and support its growth plans, as well as enabling early shareholders to exit.
Eddie Harding, Partner at corporate finance advisory boutique, ICON Corporate Finance, who led the overall financing deal said: “SentryBay is a fantastic business in a very hot technology sector which is attracting a great deal of interest both from investors and trade acquirers. Security is one of the top five issues on every CTO’s to-do list and focussing on endpoint protection via containerisation is a very exciting area. We identified ThinCats to potentially finance the deal and were impressed with their ability to understand the inherent strength of the existing business in addition to the future growth opportunity – and structure a facility that met everyone’s objectives.”
Carl Swansbury, Head of Corporate Finance and Partner at mid-market financial and strategic advisory firm, RG, said: “It was a pleasure to provide support to SentryBay as part of the ThinCats due diligence process. I have known Kash Moghul from ThinCats for many years and he is a very strategic financial professional. ThinCats were able to take a commercial view as a senior debt provider and assess the right deal structure and level of funding required to achieve the client’s funding objectives.”
Kash Moghul of ThinCats added: “The provision of stringent cyber-security solutions is more relevant in today’s market than ever before. SentryBay is a dynamic, high growth business in a high growth sector, with market leading technology, strong recurring revenues, blue-chip global customers, an experienced management and technical team and world-beating IP.
“We were delighted to have the opportunity to work with SentryBay to structure a growth capital facility that that will offer the business the freedom to continue to scale rapidly, whilst ensuring that control is in the hands of an experienced management team.”