Cambridge cyber security consultancy Fidus Information Security acquired by Wavenet
Cambridge cyber security consultancy Fidus Information Security has been acquired by Wavenet, a private equity-backed IT managed services provider based in Solihull.
Fidus was established in Cambridge in 2017 by penetration-testing specialists Kurtis Baron and Andrew Mabbit and has achieved year-on-year growth by providing security services to clients including major government departments, FTSE-listed PLCs and leading financial institutions around the world.
Kurtis Baron, founder and MD at Fidus, said it was “exciting” and would enable the business extend its reach into new markets.
He added: “Since founding Fidus in 2017, the business has grown exponentially into one of the foremost providers of pen testing solutions in the UK and further afield. By partnering with an acquirer like Wavenet, we were able to secure the future legacy of the business, and I am hugely excited to see where the next phase of the journey takes us.”
The deal was led by David Ball at Ashcroft Partnership LLP, the Cambridge-based accountancy and corporate finance advisory firm, and was supported by a team from Cambridge law firm HCR Hewitsons, led by James Lawrence and Joe Greenstock, who advised on the legal aspects of the transaction.
Kurtis said: “I will be eternally grateful to David and the Ashcroft team for all their help in negotiating this deal on our behalf and guiding us through the complex and often emotionally challenging sale process.
“There were many hurdles along the way: the support and advice we received from both Ashcroft and HCR Hewitsons was always valuable and hugely reassuring. Their obvious expertise within the sector, coupled with the drive and determination to get the right deal for the shareholders was exceptional.”
David Ball said: “It’s been a pleasure working with Kurtis and the Fidus team for the last couple of years and witnessing their incredible journey first-hand.
“We’re delighted to have advised them throughout this competitive process and have secured an outstanding result for both the shareholders and the company. Wavenet is a serial acquirer of growing tech businesses and is perfectly placed to support the team as the business enters its next phase of growth.
“The deal is another example of us being able to bring to bear our considerable experience of working with fast growing cyber security businesses, working with shareholders and management teams to support their growth journey and position them in the best possible way for an eventual exit.”
Ashcroft has previously advised on the sale of NotSoSecure to Claranet Group, Armadillo Sec to Chess Ltd and 7safe to PA Consulting.
James Lawrence, at HCR Hewitsons, added: “Fidus’ growth over recent years has been particularly impressive and we are delighted to have had another opportunity to showcase our skills and experience in assisting businesses in the cyber security sector to achieve a successful sale. We have very much enjoyed working with Kurtis and the other shareholders and playing our part in the transition of the business into life as part of the Wavenet group.”
Wavenet’s CEO Bill Dawson said: “Fidus are renowned in the industry for their penetration testing services, they hold numerous cyber security accreditations and with this acquisition they bring an abundance of knowledge and experience to the Wavenet Group.
“They have a talented team who have a passion for operating at the highest standards, going beyond the normal industry best-practice principles and they share our value of putting customer needs at the heart of everything we do. I look forward to our continued growth and success as we integrate Fidus into the Wavenet Group.”
