Cyber security firm ECSC plans £15m Aim float
Cyber security firm ECSC plans to float on London's junior market as it looks to capitalise on the growing digital threat to blue-chip firms.
The Bradford-based company plans to raise around £5 million by placing 2.9 million shares at 167 pence per share, valuing the firm at £15 million.
The move comes amid a flurry of attacks on high-profile organisations, with cyber criminals hacking the customer accounts of Tesco Bank and the National Lottery last month.
Ian Mann, chief executive of ECSC, whose clients include Barclays and GCHQ, hopes the rising number of cyber security breaches will help spur demand for its services.
"We believe the ongoing cyber security breaches affecting some of the world's most prominent companies are making cyber security an important issue for company boards.
"We feel therefore that this is an ideal time for an established and proven provider of cyber security services with a blue-chip client base to list on AIM and accelerate its growth."
Chancellor Philip Hammond unveiled the Government's £1.9 billion national cyber security strategy in November, stating that the investment in "offensive" capabilities would help deter other countries from targeting the UK.
Telecoms giant TalkTalk was hit by what it described as a "significant and sustained" attack on its website in October last year.
Meanwhile, across the Atlantic, internet giant Yahoo suffered a data breach in September, impacting eight million UK user accounts and 500 million accounts globally.
ECSC was founded in 2000 and recorded revenues of £2.7 million and a gross profit of £2.2 million to the end of September last year.
The firm will list on the AIM market on December 14.