The company, established in Cambridge in 2017 by penetration testing specialists Kurtis Baron and Andrew Mabbitt, has been acquired by the private equity-backed IT managed services provider, Wavenet.
The deal adds to a growing list of credentials in the sector for Ashcroft, which has previously advised on the sale of NotSoSecure to Claranet Group, Armadillo Sec to Chess Ltd and 7safe to PA Consulting.
Ashcroft, which was appointed by the founders to identify a buyer for the business, ran a highly competitive sale process, and then negotiated and advised on all financial and commercial aspects of the deal. It was supported by a team from local law firm HCR Hewitsons, led by James Lawrence and Joe Greenstock, who advised on all legal aspects of the transaction.
Fidus is one of the UK’s most respected providers of advanced penetration testing services to both private and public sector clients alike. Having demonstrated rapid year on year growth since inception, the company’s customers include major government departments, FTSE listed PLC’s and leading financial institutions from around the globe.
David Ball, who led the deal from Ashcroft, said: “It’s been a pleasure working with Kurtis and the Fidus team for the last couple of years and witnessing their incredible journey first-hand. We’re delighted to have advised them throughout this competitive process and have secured an outstanding result for both the shareholders and the company. Wavenet is a serial acquirer of growing tech businesses and is perfectly placed to support the team as the business enters its next phase of growth. The deal is another example of us being able to bring to bear our considerable experience of working with fast growing cyber security businesses, working with shareholders and management teams to support their growth journey and position them in the best possible way for an eventual exit.”
Kurtis Baron, co-founder of Fidus, commented: “Since founding Fidus in 2017, the business has grown exponentially into one of the foremost providers of pen testing solutions in the UK and further afield. By partnering with an acquirer like Wavenet, we were able to secure the future legacy of the business, and I am hugely excited to see where the next phase of the journey takes us.
“I will be eternally grateful to David and the Ashcroft team for all their help in negotiating this deal on our behalf and guiding us through the complex and often emotionally challenging sale process. There were many hurdles along the way: the support and advice we received from both Ashcroft and HCR Hewitsons was always valuable and hugely reassuring. Their obvious expertise within the sector, coupled with the drive and determination to get the right deal for the shareholders was exceptional.”
HCR Hewitsons’ James Lawrence remarked: “Fidus’ growth over recent years has been particularly impressive and we are delighted to have had another opportunity to showcase our skills and experience in assisting businesses in the cyber security sector to achieve a successful sale. We have very much enjoyed working with Kurtis and the other shareholders and playing our part in the transition of the business into life as part of the Wavenet group.”
For further information, please visit: https://www.ashcroftllp.com/services/corporate-finance/
