On 15 December 2016 ECSC Group floated on AIM, raising £5m by issuing more than 3m ordinary shares at 167p a piece on the LSE AIM, which ensured the company had a market capitalisation of £15m upon admission.
The Yorkshire-based cyber security business, which counts 10% of the FTSE 100 as its clients, announced its intention to float on London’s junior market in November 2016. Established in 2000 ECSC is the UK’s longest-running ‘full service’ information and cyber security service provider. ECSC has grown to offer a complete range of cyber security solutions and services to all sectors, including education, retail, legal, financial and local authorities.
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ECSC has said it will use the money raised by its IPO to scale up and accelerate its growth, increasing its staff numbers from 50 to 200 by the end of 2018 and launching an Australian Security Operations Centre (SOC) to help provide ‘always on’ global manned operations.
A highly topical area of technology for investors as corporates and individuals alike are becoming ever more aware of the potential threats to cyber security. The recent high-profile cyber attacks on Yahoo, Tesco Bank, Michael Page and TalkTalk, has made cyber security an important issue for company boards. Chancellor Philip Hammond committed £1.9bn over the next five years to bolster cyber security defences.