Dublin-based software firm Edgescan has received a €10.5m investment from the BGF investment vehicle that’s backed by the Ireland Strategic Investment Fund, AIB, Bank of Ireland and Ulster Bank.
The investment gives BGF a minority stake in Edgescan, a leading cybersecurity business.
Former senior IBM executive Bernie Waldron has joined the board of Edgescan as independent non-executive chairman. Mr Waldron is also investing in the business alongside BGF. He’s a former director of strategy at IBM.
Edgescan was established in 2011 by Eoin Keary and Rahim Jina. Mr Keary, Edgescan’s CEO, is a former vice chair of the Open Web Application Security Project, while Mr Jina, Edgescan’s chief operating officer, was previously head of product and operational security for Fonality, a VOIP provider based in Los Angeles.
Edgescan employs 57 people in Dublin.
Existing shareholders in the company include its founders as well as Alan Connolly, and Sandra Clarke.
The BGF investment will be used to accelerate Edgescan’s international expansion and to expedite new product development to continue the company’s strong growth trajectory, as well as other purposes.
Edgescan’s proprietary SaaS product continuously detects vulnerabilities across a company’s networks, web applications, API’s and cloud deployments.
Its clients include some of the world’s largest entertainment, media, financial services, healthcare and retail companies.
“We have ambitious plans to aggressively grow Edgescan with a focus on opportunities in North America, the UK and Europe,” said Mr Keary. “We look forward to working closely with Bernie and BGF to fulfil our goals for the business in the coming years.”
Mr Waldron said he had been “hugely impressed” by the position that Edgescan has already carved out in the cybersecurity market.
The firm’s software revenues have grown at a compound annual rate of 40pc since 2016.
The investment by BGF marks the fourth by the vehicle in an Irish business in the past 17 months. The combined value of those investments is more than €30m.