SHEARWATER PLC SHARE PURCHASE AGREEMENT

Posted on April 9, 2019, by Secarma

We are pleased to announce that Shearwater Group PLC, has entered into a share purchase agreement to acquire certain business and assets of Pentest Limited, a subsidiary of Secarma Limited. These assets consist of a small number of employees and legacy clients, including the Databridge Software Division, which owns and operates a cloud-based platform-as-a-service software package.

The deal is worth £7.4m, and is to be paid by Shearwater through £6.7 million in new ordinary shares and £0.7 million in loan notes.

We have a longstanding relationship with Shearwater and will continue to collaborate with them across certain projects.

Shearwater Group chairman David Williams says: “Secarma is going to be a meaningful shareholder in Shearwater Group and we’re looking forward to working closely together for the benefit of all parties.”

Lawrence Jones MBE, Secarma’s CEO adds: “There’s a symbiotic relationship and close synergies between the two businesses.”

Secarma continues to grow from strength to strength, trading as a leading, independent security consultancy with a 40-strong team of penetration testers and senior management. We have clear focus on the direction of the business and 2019 is set to be one of our most exciting years yet, with a range of innovative recurring revenue products in the pipeline.