Black Country cybersecurity specialist acquired in new deal
A Black Country cybersecurity specialist has been acquired by a fellow technology firm in a deal part advised out of the area.
Oldbury-based Cygnia Technologies has been purchased by SecureData in an undisclosed deal.
The deal sees Cygnia become a SecureData company and all its employees have transferred across to the business following the sale.
For the 2016 calendar year Cygnia, based at Black Country House, reported sales of circa £9m.
The two companies are steeped in the roots of the cybersecurity industry and the deal is considered to have many synergies as they share many of the same partnership agreements.
Ian Brown, executive chairman at SecureData, said: “This is a very exciting transaction for us and we couldn’t be more delighted to welcome the team from Cygnia to SecureData.
“The enhanced group is now clearly positioned as one of the leading independent cybersecurity services businesses throughout the UK and selected overseas markets. With over 210 employees including 150 cybersecurity engineers, analysts and consultants the group is well positioned to provide business customers with a one stop shop service for all their cybersecurity needs.”
Jon Busfield, managing director, Cygnia, added: “The whole Cygnia team is excited to be joining SecureData. With an enhanced offering as a result of SecureData’s extensive range of professional, support and managed services this is great news for our existing customers, partners and people.”
SecureData serves public and private sector organisations throughout the UK and selected overseas markets. Its revenues are approaching £50m.
Philip Round, a corporate partner at George Green, advised Cygnia on the sale.
He said: “I am delighted to have been able to guide the shareholders of Cygnia through the sale process. This is the latest in a number of deals that we have completed in the software and IT services sector.”
Jon Busfield, founder of Cygnia, added: “The transaction is excellent news for our customers and staff, as both businesses will benefit from our pooled resources. George Green did a really good job for us and we look forward to Cygnia’s continued success as part of the SecureData group.”
