BAE Systems spin-out secures £3m worth of growth credit
Palatine Growth Credit has completed its first deal in West Yorkshire, providing growth capital to a growing tech business.
The Manchester-headquartered lender has backed BAE Systems spin-out Talion.
Headquartered in Wakefield, Talion provides defence industry-grade cyber security services to large corporates around the world.
Employing security, information and event management (SIEM) technology and a designated Security Operations Centre (SOC), it offers end-to-end cyber services including threat detection and response, dark web tracing and sensitive data storage.
The business was originally established as BAE Systems’ Cyber Security Unit, set-up at the request of the UK Government to provide critical infrastructure protection for the 2012 Olympic games.
In 2020, Talion was formed through a management buy-out led by Keven Knight and Mike Brown. It has grown to annual revenues of £7.5m.
Palatine is providing the business with £3m of growth credit to support Talion’s organic growth and team expansion. The business also has VC backing from Mercia Asset Management.
Ryan Sorby, partner and head of North at Palatine Growth Credit, said: “Talion has an exceptional product which provides a best-in-class, end-to-end cyber security for a high-profile and distinguished client base.
“Cyber security is a competitive and growing market and Talion is a genuine front runner focusing on continuous product innovation and exceptional client service.
“We’re very pleased to have completed Palatine Growth Credit’s first deal in West Yorkshire.”
Mike Brown, CEO at Talion, added: “Talion is thrilled to have Palatine’s support as we look to increase our headcount further and accelerate our growth within the cyber security industry.”
The Palatine Growth Credit Fund supports companies in the cyber, fintech, SaaS, healthtech, medtech, AI and advanced manufacturing sectors in the burgeoning technology ecosystems of the North, Midlands, South West, and the South East.
The fund sits alongside sustainable driven investor Palatine’s established Buyout and Impact private equity funds.
Palatine Growth Credit was advised by Anna Robson and the team at Shoosmiths.
