12 Dec 2018
ICON has advised the management team of leading Cybersecurity software company SentryBay on the buy out of two early investors and providing investment for the growth of the company’s international sales and marketing operations.
SentryBay’s world leading Enterprise and Consumer product suites protect sensitive data on endpoint devices by providing secure browsing, application containerization and kernel-level malware protection to some of the world’s largest retail and investment banks and insurance companies.
As remote working/BYOD has become firmly established, and the number and type of attack surfaces are expanding exponentially, the challenge organisations face today is to minimise exposure of data on an unmanaged endpoint. SentryBay’s security solutions create a fortified environment on the endpoint from where users can securely transact with web-based services or make remote connections to the enterprise network.
The deal which was put together by ICON Corporate Finance comprised a debt facility from ESF Capital/ThinCats plus funding from a major US corporate investor.
Dave Waterson, CEO and former Cybersecurity Entrepreneur of the Year said, ”ICON were a great help in raising the finance and supporting the MBO. SentryBay is now poised to capitalise on the market opportunity and achieve it’s growth ambitions. SentryBay is in a unique position to enable the secure use of BYOD devices and assist enterprises to meet their compliance requirements, while creating innovative solutions that meet emerging threats."
Eddie Harding, Partner at ICON Corporate Finance who led the deal, added “I’m delighted that we have enabled management to complete this relatively complex recapitalisation transaction. Cybersecurity is a very hot sector and the market is going through a period of rapid growth as companies struggle to contain persistent cyber attacks and data breaches. This deal will allow the executive team to focus on investing in the growth of the business to create a global leader in endpoint protection software.”
This deal marks ICON’s 26th FinTech related transaction.
About SentryBay: SentryBay Limited is a privately held firm headquartered in London with offices in the USA and Australasia and with major blue-chip customers and partners globally. The company specialises in providing containerisation solutions for financial institutions and enterprises – securely wrapping PC-based and SaaS applications. With the move to a distributed workforce and BYOD, SentryBay facilitates this trend by creating secure containers - even on unmanaged PC’s - allowing users to securely run any application and transmit data. SentryBay also has a range of identity theft protection software and data monitoring services, with all software underpinned by patents.