Locks and Security News: your weekly locks and security industry newsletter
21st September 2022 Issue no. 623
Your industry news - first
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Maven VCTs invest £1.15 million in cybersecurity firm CYSIAM
Maven Capital Partners, one of the UK’s most active private equity houses, has invested £1.15 million in CYSIAM, a cybersecurity business that provides advice, training, and managed services in cyber and secure technology systems. CYSIAM brings deep technical expertise, project delivery skills, and operational support experience to a diverse range of organisations across both government and the private sector.
Founded three years ago, CYSIAM has rapidly expanded its capabilities to include international capacity building and cyber defence operations, up to and including a wraparound Managed Service for clients seeking a fully outsourced cybersecurity solution.
The Maven VCTs investment in CYSIAM is the first external capital raised by the company since its inception in 2019. The business has already built up an impressive portfolio, working with central government, public sector services, Big Four consultancy firms, and an ever-growing list of high profile private sector clients. Of particular note, CYSIAM is a partner to KPMG in the delivery of the UK Foreign, Commonwealth and Development Office (FCDO) Digital Access Programme which aims to catalyse more inclusive, affordable, safe and secure digital access for excluded and underserved communities in Kenya, Nigeria, South Africa, Brazil and Indonesia. CYSIAM is also expanding its existing client base in the Legal and Financial Services sectors, supporting firms in the design, enhancement, and delivery of operational resilience strategies.
Maven’s investment in CYSIAM will allow the team to further develop CYSIAM’s services and brand awareness, with a specific focus to scale the Managed Services business whilst building on their more established core revenue streams.
The investment builds on Maven’s strong track record in the cybersecurity space, which includes investments such as Quorum Cyber and Symphonic Software, which Maven exited for a 6.5x and 2.9x return respectively. The sector is experiencing rapid growth as a result of prolific digitalisation across all sectors and a commensurate rise in cybercrime – a trend catalysed by the disruption and change to working patterns brought about by the pandemic.
Catrin Dilloway, Investment Manager at Maven said: “We are delighted to be announcing this investment in CYSIAM, a Company that has demonstrated its tremendous capability in an exciting marketplace, and that is already working with a diverse base of exceptionally high-quality clients. We have been impressed by the experience and expertise of the world-class team at CYSIAM, the culture they have developed and the reputation they have in their sector. We look forward to partnering with them over the coming years to develop the company’s offerings and scale the business further.”
Steve Lancaster, CEO of CYSIAM said: “Dave, James and I are delighted to have an experienced investor like Maven working alongside us. We founded CYSIAM three years ago and are extremely proud of the world class team that we have assembled so far; trust and integrity are the foundational values upon which we will always build. With Maven’s support, we will continue to grow our reputation as the partner of choice, dedicated to protecting our clients’ success. From our Cyber Capacity Building work with international governments, to our Cyber Defence Operations projects delivering end-to-end managed security services, everyone at CYSIAM is passionate about making the digital world a safe, secure, and more prosperous place.”
19th January 2022