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Cyber security firm Cyphra is sold

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Pixel Holdco, based in Newcastle upon Tyne, has paid an undisclosed sum for Cyphra.

Pixel Holdco, based in Newcastle upon Tyne, has paid an undisclosed sum for Cyphra.

PA

Pixel Holdco, based in Newcastle upon Tyne, has paid an undisclosed sum for Cyphra.

A Northern Ireland cyber security company has been snapped up by a business in England.

Pixel Holdco, based in Newcastle upon Tyne, has paid an undisclosed sum for Cyphra.

Cyphra, which was founded seven years ago, has been part of a growing cyber security sector in Northern Ireland now employing around 2,300 people

It’s based at tech hub Catalyst in Belfast and has around 18 employees

The business helps customers like big public sector bodies, government agencies and private firms to protect themselves against cyber threats such as ransomware.

Cyphra provides its cyber security solutions through partnerships with vendors like Palo Alto Networks, F5, Fortinet, CyberArk and Checkpoint.

It will continue to operate under its own brand with its founders and existing senior management staying on.

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New role: Cyphra’s managing director Paddy Trainor will join the Pixel board

New role: Cyphra’s managing director Paddy Trainor will join the Pixel board

New role: Cyphra’s managing director Paddy Trainor will join the Pixel board

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Managing director Paddy Trainor will join the Pixel board.

The most recent company accounts for Cyphra, for the year ending September 2020, report net assets of £713,483, almost double the sum of £358,791 for the year before.

Employee numbers had also gone from 18 to 14.

Pixel chairman Tom Kelly said: “Cyphra is a strategic acquisition for Pixel as we continue to build out our portfolio of market leading IT managed services companies.

"We recognised that cyber security was fast becoming the major challenge for customers and having looked at the market we identified Cyphra as an ideal acquisition.

"Its strong leadership team, exceptional technical expertise, stellar customer base and world class technology partnerships set them apart.”

Mr Trainor added: “We are delighted to be joining Pixel as we look to accelerate our growth across the UK. This will enable us to continue our investment in our people, our partners and our customers and achieve our ambition of becoming the leading ‘pure-play’ cyber security company in the UK.”

The sale of Cyphra is the latest acquisition of a Northern Ireland tech company by a bigger company. The acquisition of Belfast-based Neueda to Version 1 was announced last month.



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