Cybersecurity firm Secarma Ltd has taken a 13.3% stake in Shearwater Group PLC, in a deal worth £7.4m.
The transaction will see Secarma, a leading provider of penetration testing and cloud security solutions that’s owned by UKFast CEO Lawrence Jones, sell its legacy Pentest subsidiary to Shearwater.
Consideration of £7.4m is to be paid by Shearwater through £6.7m in new ordinary shares and £0.7m 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.
Following the transaction, Secarma will continue to employ a 40-strong team of penetration testers and senior management.
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. 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 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.
