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BKL completes sale of Cambridge based cybersecurity firm

5 July 2018

 

Leading cybersecurity training provider, NotSoSecure, headquartered in Cambridge and established by Sumit “Sid” Siddharth and Dan Haagman, has been acquired by international IT managed services provider, Claranet, in a deal put together by BKL.

BKL was appointed by the founders of NotSoSecure to identify a buyer for the business and then negotiated and advised on all financial and commercial aspects of the deal.

Tom Gallop, Corporate Finance Partner at BKL, said: “We are delighted to have completed this transaction and to have worked with Dan and Sid over the last year. It’s an exciting and fast growing sector, so there was a great deal of interest in the business and we were able to secure excellent terms for the shareholders.

“This complete corporate finance service, from identifying buyers and advising the founders through to completion, is at the heart of what we do, and we were also able to bring to bear our considerable experience of working with fast growing technology firms with a global footprint.”

NotSoSecure specialises in penetration testing for networks, web and mobile applications and is one of the largest suppliers of ethical hacking training to the globally-acclaimed Black Hat conferences. The company has teams in Cambridge, San Francisco and India, and supports clients worldwide. Its clients include leading financial institutions in New York and London, government agencies and FTSE 250 and Fortune 500 companies.

Sid Siddharth, co-founder of NotSoSecure, commented: “BKL has given outstanding support and advice to us throughout the transaction. They not only secured a good deal for the shareholders, but also identified the perfect buyer to ensure our continued growth. They have delivered a fantastic future for the business and one which will allow it to build on significant achievements. With Claranet’s backing and experience of breaking into new territories, we are in a strong position to build our service portfolio and seize market share in this rapidly growing and evolving industry.”

Birketts, led by Adrian Seagers, advised on all legal matters providing Corporate, Employment and Corporate Tax advice to the shareholders as well as working closely with Indian counsel.

 

Notes to editors

About Claranet

Claranet IT services simplify the management of IT services. Its customers gain access to a wide range of integrated hosting, networks, communications, and security managed services.

Founded in 1996, Claranet has evolved from a pioneering ISP (Internet Service Provider) into one of the leading independent MSPs (Managed Services Providers) in Europe. The company has annualised revenues of circa £325 million, over 6,500 customers and 2,000 employees. It has an international footprint in two continents and eight countries.

Claranet is positioned in Gartner’s 2018 Magic Quadrant for Data Centre Outsourcing and Hybrid Infrastructure Managed Services, Europe. This follows the company’s position as a ‘Leader’ – one of only five – in Gartner’s Magic Quadrant for Managed Hybrid Cloud Hosting, Europe for five consecutive years from 2013 to 2017.

For more information visit www.claranet.com

About NotSoSecure

NotSoSecure is one of the largest suppliers of ethical hacking training to the globally acclaimed Black Hat conferences, and one of the world’s most respected penetration testing firms in the areas of web and mobile applications and network security. With a presence in the UK, USA, India, and Australia, NotSoSecure customers include FTSE250 and Fortune 500 companies, leading financial institutions in London and New York and some of the largest retail businesses in the USA and UK.