Hampshire: Westcoast take stake in Beyond Encryption
Beyond Encryption (BE) announces that Westcoast has acquired a minority stake in the company.
The investment will support BE’s ambitious growth strategy across multiple sectors in the UK as well as into international territories and was brokered by PwC.
Westcoast’s interest in BE recognises the increasing threat of cybercrime and BE’s market-leading Mailock product. This will complement and enhance the existing product offerings to its reseller customer base which serves millions of users.
The Westcoast Group, a leading IT distributor for global brands including Microsoft, Apple, HP and Lenovo, employs over 1,600 people in the UK, Ireland and Europe with 2019 revenues approaching £3 billion.
BE, headquartered in Hampshire, provides cyber security solutions to international corporates such as Aegon and Royal London, as part of a financial services industry-wide initiative with Origo Services, the Scotland based Fintech, founded by some of the world’s largest financial institutions.
BE’s flagship product ‘Mailock’ enables users to secure email communications confident in the knowledge that only the intended recipient can access them, thereby preventing the interception, misrepresentation and misdirection of emails. The system also provides an audit trail of ‘Digital Recorded Delivery®’.
Paul Holland, chief executive and founder of Beyond Encryption, says: “The Westcoast investment is a major boost for our growth plans to distribute into new markets and develop new products. Importantly, BE and Westcoast share similar values, recognising the importance of our people in delivering technical excellence and helping our customers lead better and safer digital lives.
“Having a company the size and strength of Westcoast, as an investor, is an incredible compliment to the hard work the BE team have put in.”
Tim Armstrong, PwC partner and lead on the transaction says: “We are pleased to have advised the shareholders of Beyond Encryption on this key milestone in the journey of an exciting business. The team has developed a fantastic suite of products, building on their deep expertise and experience. The partnership with Westcoast will facilitate an opportunity to further expand organically. We wish Beyond Encryption and Westcoast every success for the future.”