Threat intelligence MSP acquired for almost £2m by Crossword Cybersecurity

Stega provides services including incident management, security reporting and security forensics

London-based cybersecurity MSP Stega has been snapped up by Crossword Cybersecurity in a deal worth £1.8m.

Crossword says the acquisition of the threat intelligence and monitoring business will provide it with "circa 30 new clients", mainly in the financial sector, and will take its total number of fee-paying consulting clients to over 100.

It follows Crossword's recent £5m fundraising through a share placing, which was used to fund the acquisition.

Tom Ilube, CEO of Crossword Cybersecurity said: "Following our successful fundraise last week, I am pleased to welcome Phil Ashley and his team at Stega to Crossword.

"Stega's threat intelligence and monitoring services are a great addition to Crossword's range of services which help to reduce cyber risks for our clients.

"Stega, Crossword's second acquisition of 2021, will be an important part of our plans for continuing revenue growth."

Crossword Cybersecurity focuses on commercialising university research-based cybersecurity software to bring products to market, as well as cybersecurity consulting.

It says the acquisition of Stega will "bring the additional capability of threat intelligence and monitoring services using its sophisticated in-house platform", with Stega offering services like incident management, security reporting and security forensics.

"Stega is delighted to become part of Crossword at this exciting time," Phil Ashley, CEO of Stega said.

"We are looking forward to offering our services to a wider customer base and using Crossword's solid structure, strong connections and determined sales team to drive revenue growth."