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Wednesday 13 September 2017

AuditSec buy brings security consultancy to Falanx Group

Falanx Group logoThe acquisition of UK cyber security consultancy AuditSec Services adds a small but profitable pool of experience to the ranks of Falanx Group and marks another step in its planned recovery following tough times and extensive restructuring in 2015/2016.

AuditSec reported a profit of £8.6k profit for the seven-month period between January and August this year, with FY revenue expected to reach £250k.

AuditSec logoThe acquistion will be financed by the issue of 750k Falanx shares. It comes with the added bonus of AuditSec founder, Richard Morrell - previousy chief technology officer (CTO) and technical director for the security and risk practice at research and advisory firm Gartner, and ex-SonicWall and Virgin Media - who will now become Falanx CTO.

Having worked with utility, pharmaceutical, industrial and UK and US government clients in the past, Falanx will be hoping that AuditSec's experience will open up new markets for its own cyber security products – centred on its MidGARD end threat detection platform, risk management, and security information and event management (SIEM) services.

It has certainly been a busy year for Falanx which also opened a new London HQ and established subsidiaries in the US and Spain. The AIM-listed firm announced a £200k contract for its managed security service with an unnamed UK IT service provider this month. That followed multi-year deals for embedded security analysts as part of its Assynt proposition at a large US insurance company and global “global high street retailer of beverages” earlier in the year.

Those wins leave management confident that Falanx can reach EBITDA breakeven in FY18 after shrinking its operational loss from £2.3m to £1.2m in FY17. While modest, any income from AuditSec could just be enough to tip the precarious balance of Falanx' profitability going forward.

Posted by Martin Courtney at '10:22' - Tagged: acquisition   security   M&A   consultancy  

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