Datatec founder gears up for Top Layer buy

Jens Montanana's M&A roll up, Corero, gathers steam

Momentum is gathering behind Jens Montanana's buy-and-build vehicle Corero after the firm announced plans to acquire intrusion prevention vendor Top Layer Networks.

Montanana, the man who founded Westcon and Logicalis parent Datatec, joined Corero as a non-executive director last August. He has now succeeded Peter Waller as the AIM-listed firm's chairman and director.

Corero said the proposed $15.3m move on US-based Top Layer, announced yesterday, would be the first step in its strategy to build a "security systems business focused on the network security market".

The deal will comprise about $6.3m in new shares, $5m in loan notes and $3.9m in cash, as well as a small six-figure sum payable 30 days after completion.

Montanana said Top Layer is an established player at the mid- to high-end of the network security market and would provide it with a scalable platform.

Top Layer will form the nucleus of Corero's security ambitions, he said, while a second division, Corero Business Systems, will serve the UK business and education markets.

Montanana added: "We are delighted that Top Layer will be our first acquisition and will provide us with the core technology for our move into network security systems - a market that offers significant growth potential."