A UK cybersecurity services provider that has tripled headcount since 2022 has pledged to continue hiring after snaring fresh investment.
Quorum Cyber today announced it has taken on Charlesbank as a new investment partner, bolstering the support it receives from existing private equity ally Livingbridge.
The Edinburgh-based Microsoft security services provider has tripled headcount since Livingbridge invested in January 2022, enough to rank it as the second-fastest UK IT solutions provider in IT Channel Oxygen’s recent Fast-Growth 50.
Going global
Quorum plays in a managed detection and response market Gartner forecasts will grow from $1.03bn in 2021 to $2.15bn by 2025. It saw average monthly headcount pogo from 18 to 171 between its fiscal 2020 and 2023, with revenues powering up 85% to £13.2m in the last period.
It said it will use the fresh investment to continue hiring talent on both sides of the Atlantic, as well as for elevating existing services and launching new ones.
“I am thrilled to share the exciting news that we have secured a substantial new investment to fuel our company’s expansion journey across Europe, North America, and indeed, globally,” CEO Federico Charosky stated.
“This achievement is a clear endorsement of the exceptional services our team delivers daily for our customers. Our mission is to protect a greater number of organisations from the ever-evolving landscape of cybercrime, and to equip our defenders with the necessary tools to stay ahead. This milestone is a testament to our growth, success, and vision for the future.”
Acquisition activity on the up
US-based Charlesbank also holds a stake in UK managed services provider Six Degrees.
Its investment in Quorum is not the first secondary buyout in the UK channel this year, following Focus Group’s acquisition by Hg in April. Wavenet and Daisy Corporate Services’ planned union is another major move that has bolstered confidence in the market in recent weeks.
“With its robust set of AI-enabled technology services, as well as its strong alignment with Microsoft’s cyber security suite, Quorum Cyber is well-positioned to help organisations protect themselves amidst this evolving and unpredictable landscape,” Charlesbank Managing Director Darren Battistoni said.
