23 Jan 2019 08:43
23 January 2019
Eight Peaks Group PLC
Eight Peaks takes 25% stake in Cyber Security Business
Eight Peaks Group PLC ("8PG") has acquired a 25% stake in a software development, integration and distribution company that operates in the Cyber Security space, SOARX Limited ("SOARX") for £125,000 in cash.
SOARX has acquired the business and assets, including software platform, "iCyber-Shield", of iCyber-Security Professional Services Limited. The iCyber-Shield platform provides a disruptive, next generation capability referred to as "SOAR" technology.
SOAR capability provides proactive "Security Orchestration Automation and Response management". This is the ability to self-detect threats and automate the defence response.
SOAR Technology is important given the significant global shortage (estimated at approximately 1.5m roles) of trained information technology security personnel. Automation technology in cyber security can deliver a 70% plus benefit in operating costs.
The iCyber-Shield provides enterprises with an intelligent, pro-active, auto-responsive, central cyber defence platform utilising a mix of machine learning algorithms, blockchain technologies and Robotic Process Software Automation.
As part of the acquisition, Zafar Karim will be joining the board of SOARX as a non-executive director.
SOARX has only recently been incorporated hand has not yet traded.
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Eight Peaks Group PLC | Zafar Karim / Thomas Reuner | 0207 583 8304 |
Nominated Adviser | ||
Grant Thornton UK LLP Broker | Colin Aaronson / Harrison Clarke / Seamus Fricker | 020 7383 5100 |
S.P. Angel Corporate Finance LLP
| Richard Morrison | 020 3470 0470 |
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
About Eight Peaks Group PLC
Eight Peaks Group PLC focuses on assisting companies and making investments which exhibit the potential to generate returns of many multiples through capital appreciation. Typically, Eight Peaks takes stakes in small companies where there are clear catalysts for value appreciation and the companies are operating in sectors exhibiting long term growth. Examples of such sectors include technology, energy and natural resources.
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