IP Group PLC Portfolio co Garrison completes £22.9m financing (9690D)
15 October 2018 - 5:00PM
UK Regulatory
TIDMIPO
RNS Number : 9690D
IP Group PLC
15 October 2018
FOR RELEASE ON 15 October 2018
THIS ANNOUNCEMENT CONSTITUTES INSIDE INFORMATION AS STIPULATED
UNDER THE MARKET ABUSE REGULATION (EU) NO.596/2014.
IP Group plc - Portfolio company Garrison completes GBP22.9m
funding round
IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the
developer of intellectual property-based businesses, notes that its
portfolio company Garrison Technology Limited ("Garrison" or "the
Company"), a specialist provider of ultra-secure web browsing
technology, has completed a GBP22.9m fundraising.
The round was led by new investor Dawn Capital (a leading
technology investor that previously backed Mimecast, the now $2bn
London-based NASDAQ-listed email security company), with further
participation from existing investors IP Group, the BGF, and NM
Capital. The new funds will be used to expand Garrison's sales and
marketing activities, to grow the company's engineering team and to
enhance the company's 'safe web browsing as a service' cloud
offering.
Following completion of the financing round, IP Group's
undiluted beneficial stake of 23.4% in Garrison will be valued at
GBP28.8 million, representing an unrealised fair value gain to the
Group of GBP15.2 million. IP Group has committed a further GBP3.8
million to Garrison as part of this funding round.
Jon Edington, Partner, Technology, IP Group, said: "Garrison is
at the forefront of IT security, with one of the most advanced
technologies on the market, and has huge potential for domestic and
international expansion. There is strong demand for Garrison's
products and this funding will help support the company's rapid
growth in the UK, US and other international markets. The Company
is led by a top quality, ambitious and commercially minded
management team and we look forward to continue working with
them."
Garrison's unique technology enables users to access all content
on the web without any risk of exposing their organisation to
cyber-attack. Instead of relying on a traditional threat
detection-based model, it uses a revolutionary technique to place a
gap at the most fundamental electronic level between the internet
and the end-user's device. This means that malicious web content
never comes into contact with the user or their organisation's IT
systems.
Ultra-secure government and military customers have been among
the first to benefit from the technology, which is now being
adopted by mainstream commercial organisations due to its
affordability and the increasing cyber threat they are facing.
For more information, please contact:
IP Group plc www.ipgroupplc.com
+44 (0) 20 7444 0050
Alan Aubrey, Chief Executive Officer
Greg Smith, Chief Financial Officer +44 (0) 20 7444 0062/+44 (0)
Liz Vaughan-Adams, Communications 7979 853802
Charlotte Street Partners
Andrew Wilson +44 (0) 7810 636995
Martha Walsh +44 (0) 7876 245962
Notes for editors
About IP Group
IP Group is a leading intellectual property commercialisation
company which focuses on evolving great ideas, mainly from its
partner universities, into world-changing businesses. The Group has
pioneered a unique approach to developing these ideas and the
resulting businesses by providing access to business building
expertise, capital (through its 100%-owned FCA-authorised
subsidiaries IP Capital and Parkwalk Advisors), networks,
recruitment and business support. IP Group has a strong track
record of success and its portfolio comprises holdings in
early-stage to mature businesses across life sciences and
technology. IP Group is listed on the Main Market of the London
Stock Exchange under the code IPO.
Group holdings in portfolio companies reflect the undiluted
beneficial equity interest excluding debt, unless otherwise
explicitly stated.
For more information, please visit our website at
www.ipgroupplc.com.
ENDS
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END
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