Shearwater Shares Rise As It Acquires Cyber Security Firm GeoLang

4th Apr 2018 11:45

LONDON (Alliance News) - Shearwater Group PLC on Wednesday said it has purchased enterprise software company GeoLang Holdings Ltd for GBP1.7 million in shares, to establish its position in the data loss protection market.

The digital resilience group said it will issue 43.2 million shares at a price of 4.00 pence per share to the GeoLang shareholders. The stock was trading 12% higher at 2.97p per share on Wednesday.

Shearwater agreed to hold back 13.0 million shares for a period of 24 months to certain GeoLang employees, including Co-Founder and Chief Executive Officer Debbie Garside.

The company also said it made an admission to trade an additional 30.2 million shares on AIM from next Tuesday.

Shearwater said it has been its third acquisition since launch of digital resilience strategy.

GeoLang - based in Cardiff, Wales - specialises in data loss protection and over the five past years Garside was working on Ascema platform development. This technology helps organisations to protect confidend information by blocking sensitive data in real time from digital documents and email content.

The group estimates the market for data loss protection solutions to be worth USD800.0 million with a potential 16% growth in the future.

"I'm delighted that Debbie and the team have joined the group. For us, GeoLang represents another example of a great British technology business with significant potential to scale," Shearwater Chairman David Williams said.

"Team GeoLang are thrilled to be joining Shearwater at such a pivotal time in the business' evolution. Finding the right partner to support us in achieving our growth plans has been critical and in Shearwater, we believe we have done that," added Garside.

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