Investment Case

Clear strategy: exploiting a fast-growing and fragmented international market.
Market opportunities and drivers
- We see key growth opportunities in a digitally transformed, Cloud-based, increasingly vulnerable, hybrid-working environment.
- Fragmented and rapidly growing international markets offer significant consolidation opportunities.
- Cyber security market forecast to grow to £352 billion by 2026, at a 14.5% CAGR.
Group USPs
- Established, respected, market-leading, 20-year-old IT Governance brand.
- Experienced, resilient cross-Group management team with strength in depth.
- Broad customer base, across multiple segments and organisation sizes.
- Dominant SEO positioning supported by extended PR links, with 4.3 million visits (+18% YoY).
- Unique cyber-defence-in-depth offering – wide and deep range of products and services with numerous cross-selling and upselling opportunities.
- Unique, valuable intellectual capital (software, content, brands, know-how).
- Product quality demonstrated by multiple national and international accreditations and customer endorsements.
- Established remote working model that supports international recruitment.
Financial
- Non-cyclical business.
- Significant revenue growth – growing recurring/contracted revenue billings – already 56% of total billings.
- EBITDA-positive.
- Gross margins already at 58%.
- Highly scalable SaaS and e-commerce divisions – inherent operational gearing.
- Cash-generative.