ITC secures £1m government-backed loan

Tom Millar: We want to become one of the UK's leading providers of SIEM technology and services

Managed service provider ITC Global Security will use a £1m government-backed loan to expand its UK infrastructure as it aims to double its revenues by 2013.

Founded in 1995, the 65-strong Cisco, Check Point and ArcSight partner counts the Financial Services Authority and British American Tobacco among its clients.

After bagging a £1m NatWest loan under the government-backed Enterprise Finance Guarantee (EFG) scheme, ITC is aiming to double its turnover to £20m over the next three years.

Managing director Tom Millar said ITC would plough the cash into developing its UK secure operating centre and building a security information and event management (SIEM) managed services business.

“You can apply for a maximum of £1m but it is fairly rare for a bank to issue the full amount,” he said. “The criteria set out were rigorous and it is testament to our business plan that we were able to secure the full amount.”

ITC will also use some of the funds to strengthen its management team. Former Sirocom directors Ian Evans and Simon Rogan have already come on board in the posts of finance director and non-executive director.

According to Gartner, the SIEM appliance and software markets are expected to grow 27 per cent and 12 per cent annually to a combined value of £1.5bn by 2013.

“We want to become one of the UK’s leading providers of SIEM technology and services,” said Millar.

Jonathan Cooper, director of partners and channel EMEA at ArcSight: “The funding that ITC Global Security received is a great indication of the increasing interest in SIEM as a way to manage enterprise threats and risks and the impact these threats have on companies.”