Cyber security specialist Integrity360 said it would increase its workforce in the next 24 months and begin an acquisition spree following a significant investment from August Equity in the company.
The Irish company is eyeing significant expansion in the UK as a result of the investment, with up to 300 jobs expected to be created at the company in the coming two years.
Integrity360 did not confirm the size of the investment, but industry sources put the figure in the €50 million range. That would make August Equity a major shareholder in the group, owning a stake of what is thought to be up to 65 per cent, but it is understood founder Eoin Goulding would retain a considerable shareholding in the group. It is understood that will be about 20 per cent of the company.
As part of the investment, industry veteran former Secure Data chief executive Ian Brown is taking on the role of executive chairman and chief executive. Mr Browne has been involved in the running of technology businesses for more than 25 years, including SecureData, which was acquired by Orange in 2019.
Mr Goulding is staying on with the company, moving to the newly-created role of group president.
The group is also bringing in former SecureData executive Matt Tomlinson, who will run UK business-development operations.
Founded in 2005 Integrity360 provides professional, support and managed cybersecurity services to identify, protect against, prevent, detect and analyse cyber risks and threats.
"We're at a stage now where we could only really do two things – one is get acquired, or do acquisitions," Mr Goulding said, noting that the targets would be outside Ireland.
Integrity360 is already drawing up a list of targets for acquisition, with the first expected to take place in the next three months.
The company has previously grown organically, funding its business through growing customers.
‘Drastic growth’
The company is planning for “drastic growth”, with a combination of acquisitions and new services, including next-generation managed detection and response services.
"This [investment] will help us turbocharge our growth, and means a great amount of opportunity for the current employees in the business," Mr Goulding said. "It's also a great opportunity for Ireland itself, because we'll be the largest in Europe and here, our security operation centre is already out of Ireland and that will grow drastically and provide top-end service for the likes of large banks, large manufacturing companies. It's really putting Ireland properly on the map."
The global head office will be in Ireland, where Integrity360 already has its security operations centre employing 65 people. Mr Goulding said that would double in the next 12 to 24 months, with the overall staff of 200 growing to 500 in the next two to three years.
The company is targeting the UK first, and then Europe.
“The more and more customers we take on outside of Ireland, the more we will have to hire here in Ireland to do that. You need to be in a secure environment to do that,” Mr Goulding said.
Last year, it had a turnover of about €40 million. It is understood that the company has set a target for revenues of €200 million within two years. This would put it among the largest independent cybersecurity providers in Europe.
