Published: Jul 21, 2020
Focus: Growth Capital
The Maven VCTs have led an investment, alongside the Scottish Investment Bank, in Quorum Cyber, an award-winning cyber security business which is protecting organisations against security attacks and breaches across the UK, Europe and the Middle East. The funding will be used to further scale the business, investing in sales and marketing resource, as well as product innovation, to ensure that Quorum’s clients can confidently trade within an increasingly hostile operating environment.
Headquartered in Edinburgh, one of the world’s leading cities for cyber security talent and innovation, Quorum provides professional and managed services including a fully managed detect and response capability via the company’s Microsoft Azure Sentinel Security Operations Centre (SOC).
Corporate data breaches, election security and ongoing discussions around data privacy ensure that cyber security continues to make the headlines. Protecting sensitive information, including intellectual property and customer data, is a top priority in today's digital age as a breach in security can lead to lost trust, lost credibility, and ultimately lost business.
As a result, the global cyber security market is predicted to grow from $167.1 billion in 2019 to $248.26 billion by 2023 and spending on security services, Quorum’s focus and the largest segment of the market, totalled $64.24 billion in 2019 (Source: Statista). The UK cyber security market is also seeing rapid growth and generated estimated revenues of £8.3 billion in 2019 (The UK Cyber Security Sectoral Analysis 2020).
Companies require significant expertise to navigate the range of cyber security threats they encounter, which leads many to seek an outsourced managed security service rather than investing heavily to create an in-house capability. Quorum is ideally placed to meet this need as it possesses a comprehensive understanding of the threats across a range of sectors, cutting edge software tools, an attractive and differentiated pricing model based on the customer’s maturity, and a highly credible and scalable technology platform as part of its partnership with Microsoft.
The Quorum team plan to scale operations globally, with further expansion already underway in the Middle East, Australia, South Korea, and North America.
“We are delighted to be leading the investment in Quorum Cyber which is trusted by a diverse range of clients and which we believe is ideally positioned to capitalise on the significant growth within the cyber security space. The senior team at Quorum have built a business with an enviable reputation and culture and we look forward to working with them over the coming years as they expand into new markets.”
David Milroy, Partner at Maven
“Maven and SIB’s investment will enable us to capitalise on the significant growth we are currently seeing in the cyber security market. Our fully managed security operations centre offers clients a customer-centric, cost effective and highly flexible solution to prevent cyber attacks and breaches, offering a truly unique alternative to building a costly in-house capability. We are delighted to be partnering with Maven who have established a strong track record for backing some of the UK’s most innovative tech businesses.”
Federico Charosky, Managing Director at Quorum