UK cyber security firm targets £5 million AIM float

Bradford-based ECSC aims to capitalise on growing demand for cyber security amidst high-profile breaches.

UK-based cyber security company ECSC Group plants to float on the stock market this month, seeking to capitalise on increasing demand at a time of regular high-profile breaches.

The Bradford-based cyber security company aims to raise around £5 million, placing 2,994,011 new shares and giving the company an anticipated market capitalisation of £15 million.

The IPO will take place on 14 December on AIM, which is the UK’s junior stock market. Stockdale Securities Limited is acting as Nominated Adviser and Broker to ICSC.

The funds will go towards scaling up and accelerating its growth strategy, with plans to quadruple its workforce from 50 to 200.

ICSC is led by CEO Ian Mann, a former adviser to GCHQ. Its board of directors includes Nigel Payne, previously CEO of Sportingbet Plc, as Non-Executive Chairman.

Also present as non-executive directors are David Mathewson, former Chief Financial Officer of Playtech Group and Steve Vaughan, previously CEO of Phoenix IT, Communisis and Sunstar.

The company was founded in 2000 and provides managed services, incident response, PCI DSS and ISO 27001 consultancy. It claims to be the UK’s longest running full service information and cyber security service provider.

“As a result of the recent proliferation of high profile cyber security breaches affecting some of the world’s most largest companies, cyber security has become a strategic issue for company boards,” the company said in a statement.

“This has therefore created an opportune moment for an established and proven provider of cyber security services with a blue chip client base to list on AIM and accelerate its growth.”

Source:http://www.cbronline.com/news/cybersecurity/protection/uk-cyber-security-firm-targets-5-million-aim-float/