UKFast founder Lawrence Jones issues cybersecurity war cry

'UK cybersecurity market no longer dominated only by NCC', Jones claims as he takes 13.3 per cent stake in Shearwater as part of cybersecurity deal

UKFast founder Lawrence Jones claims the UK market is "no longer dominated" by NCC Group - after announcing a tie-up between one of his firms and fast-growing cybersecurity player Shearwater.

Jones (pictured) has sold some of his cybersecurity firm Secarma's assets to Shearwater in return for a 13.3 per cent stake in the business, in a deal worth £7.4m.

This includes some large US legacy clients that were part of the PenTest business Secarma acquired in 2016, and also its Databridge platform.

Secarma will now focus on building security products to bring down the cost of penetration testing and collaborate with UKFast, which already has a SOC, threat monitoring service and global DDoS protection network, Jones told CRN.

Jones claimed that there is a "symbiotic relationship and close synergies" between Secarma and Shearwater Group, an AIM-listed cybersecurity provider that acquired cybersecurity VAR Brookcourt in 2918 and two-factor authentication vendor SecurEnvoy in 2017.

Shearwater's share price was up by as much as 17 per cent on this morning's announcement.

Shearwater Group chairman David Williams said: "Secarma is going to be a meaningful shareholder in Shearwater Group and we're looking forward to working closely together for the benefit of all parties."

In comments emailed to CRN, Jones added: "The market is growing rapidly and I'm confident that David Williams and his team are running a very good business. Cybersecurity in the UK is no longer dominated only by NCC Group. It's great to see other contenders like Shearwater and Secarma coming through. Our investment is a clear sign of where we think the market is going."