Senior management at Leeds cyber security firm Smoothwall have completed a management buyout, supported by private equity firm Tenzing.
Former COO Michael Marks will now become Group CEO, with Lisa Stone as chairperson and Richard Hurd-Wood as a non-executive director .
Smoothwall, which last year reported a turnover of £12m, was founded in 2001 and is headquartered on Leeds Valley Park. The company operates in the UK and US and is now seeking to grow internationally.
Marks said: “As I take the position of Group CEO, I am delighted to have the opportunity to lead Smoothwall into a new chapter, where we are able to respond more rapidly to market demands and become a truly agile and innovative organisation.
“The backing of Tenzing allows us to give greater focus to our ongoing strategy, one that supports the needs of our customers and enhances the proposition we have to offer.”
Christian Hamilton, co-founder and joint managing partner at Tenzing, added: “Everyone at Tenzing is delighted to be able to team up with Lisa, Michael and their colleagues at Smoothwall, to invest in and accelerate the growth of this market leading technology that has significant benefits to future generations and our wider society.
“We look forward to helping them materially invest in their sales team, develop new products and grow their business internationally, whilst enjoying the journey with the whole team at Smoothwall.”
The value of the deal has not been disclosed.
