The entrepreneur behind considered one of Britain’s largest privately-held IT companies teams is near sealing its first cybersecurity acquisition with a advisable provide to purchase London-listed ECSC.
Sky News understands that Daisy Group, which was based by Matt Riley, is getting ready to an announcement to accumulate the AIM-listed firm.
ECSC counts blue-chip companies together with Nationwide, the Wimbledon tennis championships and Rio Tinto amongst its purchasers.
It operates within the fast-growing space of cybersecurity companies, though it has a modest market capitalisation of simply £2m.
Sources stated it might be absorbed inside Daisy’s Corporate Services division as soon as the acquisition has accomplished.
ECSC employs 60 cybersecurity specialists, and has a workforce of 80 individuals.
The takeover of ECSC will mark the newest in a struck of offers struck by Mr Riley, which have included the £210m buy of rival XLN Telecom final yr.
Daisy is now second solely to BT Group within the UK’s SME telecoms market, and now employs roughly 1,000 individuals.
It manages cellular, cloud and different companies for enterprise prospects by means of a number of divisions.
Mr Riley has sought to develop Daisy by positioning it on the coronary heart of the transition to digital telecoms companies in an effort to entry better pace, reliability and safety.
Daisy, whose founder has grow to be considered one of Britain’s wealthiest self-made individuals, was at one stage listed on the general public market in London earlier than being taken personal once more in 2014 with the backing of Toscafund Asset Management.
Mr Riley stays its majority shareholder, with backing from Ares and Oakley Capital.
Allenby Capital, the stockbroker, is known to be performing for ECSC on the deal.
Daisy declined to remark, whereas ECSC couldn’t be reached for remark.
Source: information.sky.com”