Maven VCTs lead GBP2.7 million investment in Quorum Cyber
UK private equity house Maven Capital Partners (Maven) has led an investment through its managed VCTs, alongside the Scottish Investment Bank, in Quorum Cyber Security Limited (Quorum), a cyber security firm, providing professional and managed security services to companies across the UK, Europe and the Middle East.
The funding will be used to further scale the business, investing in sales and marketing resource, as well as product innovation, to ensure Quorum’s clients can confidently operate within an increasingly hostile cybersecurity environment.
Headquartered in Edinburgh, Quorum provides Professional and Managed Security Services including a fully managed detect and response capability via the company’s Microsoft Azure Sentinel Security Operations Centre (SOC).
Corporate data breaches, election security and ongoing discussions around data privacy ensure that cybersecurity continues to make the headlines. Protecting sensitive information including intellectual property and customer data are top priorities in today's digital age as a breach in security can lead to lost trust, lost credibility, and ultimately lost business.
As a result, the global cybersecurity market is predicted to grow from USD167.1 billion in 2019 to USD248.3 billion by 2023 and spending on security services, Quorum’s focus and the largest segment of the market, totalled USD64.2 billion in 2019 (Source: Statista). The UK cyber security market is also seeing rapid growth, generating estimated revenues of GBP8.3 billion in 2019 (The UK Cyber Security Sectoral Analysis 2020).
Companies require significant expertise to navigate the range of cyber security threats they encounter, which leads many to seek an outsourced managed security service rather than investing heavily to create an in-house capability. Quorum is ideally placed to meet this need as it possesses an in-depth understanding of the threats across sectors, cutting edge tools, an attractive and differentiated pricing model based on the customer’s maturity, first-class customer service and a highly credible and scalable technology platform as part of their partnership with Microsoft.
The Quorum team plan to scale operations globally, with further expansion already underway in the Middle East, Australia, South Korea, and North America.
David Milroy, Partner at Maven, says: “We are delighted to be leading the investment in Quorum Cyber which is trusted by a diverse range of clients and which we believe is ideally positioned to capitalise on the significant growth within the cyber security space. The senior team at Quorum have built a business with an enviable reputation and culture and we look forward to working with them over the coming years to scale the business.”
Federico Charosky, Managing Director at Quorum, adds: “Maven and SIB’s investment will enable us to capitalise on the significant growth we are currently seeing in the cyber security market. Our fully managed security operations centre offers clients a customer-centric, cost effective and highly flexible solution to prevent cyber attacks and breaches, offering a truly unique alternative to building a costly in-house capability. We are delighted to be partnering with Maven who have established a strong track record for backing some of the UK’s most innovative tech businesses.”
Kerry Sharp, Director, Scottish Investment Bank, says: “As the methods employed by cybercriminals become more sophisticated, so must the defences mounted by those tasked with combatting them. As a global provider of cybersecurity services, Quorum is alert to the risks posed by the ever-evolving world of cyberattacks and breaches. Investing in partnership with Maven, we are excited to see Quorum embark on a programme of growth that will cement its already excellent reputation and aid its expansion into new markets.”