NETconsent and Cryptzone part ways following MBO
Security firm cut ties two years to the day since Cryptzone acquired it.
Policy management software provider NETconsent has completed a management buyout of the company from security vendor Cryptzone.
The company was founded in 2004 by CEO Dominic Saunders and acquired by Cryptzone in December 2010.
“In 2010, we were looking at how we could expand out into global markets...and two options were available to us – go and borrow some money and open offices, or look to be acquired by a global organisation,” Saunders told IT Pro.
The credit crisis made it difficult for businesses to borrow money in the UK, so NETconsent approached Cryptzone, a Swedish company who had a presence in the global markets it wanted to enter.
“Two years later, Cryptzone has been refocusing heavily. They bought five companies in a two year span and were struggling to get all five integrated and working together," claimed Saunders.
“We weren’t getting the attention we needed and also we had achieved our penetration into global markets...So I approached the board in the summer of this year and...[the management buyout] became effective from 1 December,” he added.
The buyout was funded by Saunders himself and a Saudi Arabian partner. Under its new ownership, NETconsent intends to increase total investment in research and development to over £500,000 per annum, and add seven new developers to its team.
The company also intends to introduce what it claims is the industry’s first role-based content delivery product.
IT Pro was awaiting a response from Cryptzone at the time of publication.