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Cybersecurity firm ITC Secure Networking acquired for £24m

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Cybersecurity firm ITC Secure Networking has been acquired by tech investment firm C5 Capital Limited for £24m.

The London-headquartered company, established in 1995, is expected to keep its entire management team following the deal.

This acquisition by C5 Capital comes after the firm, which focuses on cybersecurity, data and cloud computing sectors, invested in sensor company Metrasens and ID and access management technology provider Balabit.

Top tech stats: UK FinTech, Brexit, cybersecurity and more

Tom Millar, CEO of ITC, spoke about the deal: “We met many other finance vehicles, but C5 as a specialist investor with deep understanding of cyber security, data and cloud computing sectors. Quite simply C5 added to our business in ways that others couldn’t. C5 Capital bring with them a wealth of experience, insight and a powerful network.

“They recognised the opportunity and momentum that ITC has. I have no doubt that C5’s involvement will help accelerate this momentum. Critically, given their know-how, they quickly recognised ITC’s ability and passion for delivering our customers best in class end-to-end enterprise security solutions and services. We look forward to working with them,” he added.

As part of the deal, ITC is also set to benefit from C5 Capital’s experience in the cybersecurity, data analytics and cloud computing fields.

Daniel Freeman, chief investment officer of C5 Capital, said: “We are delighted to have acquired ITC. We have been highly impressed by the company’s end-to-end security solutions and technology roadmap, as well as the trusted relationships they have built with a blue chip customer base. We are excited to partner with a great founder-led team to support the company’s next phase of growth.”

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