Clearswift snapped up by Swiss firm
Investor Lyceum Capital chirpy after Theale firm sold to security expert
British security firm Clearswift has been snapped up by Swiss tech firm RUAG, in a move private equity investor Lyceum Capital has claimed demonstrates its "impressive track record" in the space.
The Defence arm of Swiss firm RUAG Group snapped up Clearswift last night, claiming the business "ideally complements" its existing portfolio of products and services.
"We are aiming to become a principal solution and service provider for organisations of all sizes and across all verticals, including local and national government organisations, financial institutions and critical infrastructure providers," said the firm. "Clearswift's global partner network and customer base in conjunction with its analyst-recognised solutions will play a key role in the growth of the RUAG Defence cyber security business unit."
Clearswift investor Lyceum Capital first invested in Clearswift in 2011 with what it described as a "clear remit" to halt declining revenues and return the business to profitability.
"Lyceum supported the Clearswift business plan with substantial investment into new product lines and an extension of its innovative technology suite," said the investor. "As a result, Clearswift saw new product sales grow by 90 per cent year on year, a trend set to accelerate even further. Since 2011, Lyceum also supported two international add-on acquisitions - Australia based Jedda Systems and German Microdasys."
Lyceum added that since its investment, Clearswift's revenue and EBIDTA margin have grown "significantly", claiming in the current year it is expected to generate revenues of more than £23m.
"This exit represents another successful realisation for Lyceum in the software and technology space, and paves the way for more acquisitions in this sector," it added.
Jeremy Hand, Lyceum's managing partner, said: "The Clearswift team has worked hard to develop new products and extend innovative capabilities. The successful realisation of our investment confirms Lyceum's impressive track record in software and technology. We continue to see great opportunity in the cyber security market, and are looking to partner with more UK based businesses across the space."