Lyceum Capital has completed the acquisition of Clearswift, with £100m now invested in security software firms.
The independent investment firm, which invests in mid-sized UK-based businesses, has taken a significant majority stake in the company, with Lyceum partners Jeremy Hand and David Harland joining the company's board. Former CEO of IRIS Software, Martin Leuw, will be chairman.
Hand said: “In Clearswift, we are backing an exciting company which deploys world-class technical expertise and software solutions across an exceptionally impressive and loyal customer base. With an already strong management team bolstered by the arrival of Martin and our strategic, operational and financial input, we're expecting Clearswift to continue with its strong organic growth supplemented with targeted acquisitions.”
Richard Turner, CEO of Clearswift, said: “Threats and risks are increasingly becoming specific to individual customers and need a tailored, more flexible approach. The 'one size fits all' anti-spam and anti-virus technologies many companies rely on is outdated. We are delighted to have the backing of Lyceum Capital to support the next phase of our ambitious growth plans.”
Leuw said: “Clearswift is a subscription revenue business, operating in a high-growth global market, delivering mission-critical regulatory and compliance products. With the backing of Lyceum Capital we will be well equipped to execute an accelerated growth strategy.”
This transaction follows Lyceum's recent investments in the technology sector including its £30m acquisition of managed IT services provider Adapt in September, and £50m investment in Access, a software as a service provider, which completed in March. Lyceum said it plans to invest a further £300m in the UK over the next two to three years.