London Stock Exchange welcomes ECSC Group plc
ECSC Group plc, a proven provider of cyber security services, was today welcomed to the London Stock Exchange to celebrate its successful admission to AIM.
ECSC was established in 2000 by Ian Mann and Lucy Sharp, who recognised the growing market need for cyber security services. Since the deployment of ECSC's first client managed services in 2001, the company has amassed 15 years’ experience in the design, implementation and management of cyber security solutions. The Company has a solid blue-chip client base which ranges from e-commerce start-ups to global organisations.
ECSC’s consultancy-led approach, and its combination of custom methodologies and in-house proprietary technologies, enables the Company to provide individually tailored services to its clients. The Company has significant intellectual property, including bespoke products delivering remotely managed cyber security services, and custom-made internal support and delivery systems.
The UK market for cyber security services and products was estimated to be approximately £3.3 billion with a CAGR of 6% between 2013 and 2016. The Company achieved 16.9% CAGR revenue growth in the same period. This is in the context of a global market predicted to grow from $122 billion in 2015 to $202 billion in 2021 (CAGR of 10.6%). Within this, managed security services are expected to reach $41 billion by 2022 (CAGR of 16.6%), which means that the Company is well placed to pursue the market opportunity at this time.
The Directors’ primary reasons for seeking Admission are the provision of working capital to execute ECSC’s growth strategy and build on the existing proven organic growth to date. Planned developments to be facilitated by the proceeds of the IPO include investment in accelerated recruitment to take the current headcount of 50 to circa 200 by the end of 2018, the opening of an Australian Security Operations Centre (SOC) to facilitate 24/7/365 global manned operations, a permanently manned London sales and incident response centre, and an enhanced marketing and PR function, supporting new products and services.
The Company has successfully raised £5.0 million (before expenses) via a placing of 2,994,011 new ordinary shares, raising gross proceeds of £4.2 million for the Company. In addition, 519,174 sale shares held by existing selling shareholders will be sold at the placing price and, in each case, at a placing price of 167 pence per share. Upon Admission, the Company will have a market capitalisation of approximately £15 million. The Company’s ordinary shares will trade under the symbol ECSC.
ECSC was joined at the London Stock Exchange to mark the occasion by its advisers, including: Stockdale Securities, Nominated Adviser and Broker to the Company; Freeths LLP, Legal Advisers to the Company; BDO as Reporting Accountants; and Yellow Jersey PR as Financial PR.
Ian Mann, Chief Executive Officer of ECSC Group plc, commented:
“We are delighted to have been admitted to AIM, and to celebrate this milestone in the growth of ECSC. We are very encouraged by the support we have seen from investors in the London market and are pleased to welcome new shareholders to the business.
“ECSC will use the investment to accelerate our clear organic growth strategy and to continue to develop solutions to both protect our clients from cyber security breaches and to respond to more incidents.”