A leading cybersecurity specialist that provides services for some of the UK’s biggest companies has raised a seven-figure sum from NPIF – Mercia Equity Finance, which is managed by Mercia and is part of the Northern Powerhouse Investment Fund (NPIF).
The funding will allow Talion to further expand its business in the UK and target new customers in the US.
Talion was launched by BAE Systems in 2012 to help protect the Olympic Games in London from ‘nation state’ cyber attacks. Previously known as Sy4 Security, it became a standalone business in April 2020 when industry veteran Mike Brown, the current CEO, and BAE Systems’ head of security Keven Knight, the COO, led a management buy-out.
The company now employs over 90 staff at its security operations centre in Leeds, and its satellites in Farnborough and Kuala Lumpur. It is regarded as one of the UK’s leading managed security service providers (MSSPs) and has a blue-chip client base. Talion was rated as one of the top four MSSP providers in Europe for 2021 by SC Award and as number 33 globally by industry analyst MSSP Alert.
Talion offers a range of services including monitoring, triage, remediation and threat assessment vulnerability management. It has also pioneered an innovative ‘hybrid’ approach, which enables companies to retain greater control over their cybersecurity by having their in-house staff work alongside Talion experts within a shared ‘eco-system’.
The worldwide cost of cybercrime stood at over $1 trillion in 2020, equivalent to 1% of global GDP. With figures expected to reach $10 trillion in 2025, Talion is aiming to service increasing demand.
Mike Brown, CEO of Talion, says: “The financial cost of cybercrime is growing at an alarming rate – the bad guys are winning. Companies can no longer protect themselves using an individualistic approach. They need to become part of a cybersecurity ecosystem with the ethos of ‘Benefit one, benefit all’. Talion provides a platform to help companies build and manage their ecosystem. The funding will help to accelerate its growth and achieve our goals.”
Will Schaffer, Investment Director with Mercia, adds: “Talion’s experienced team puts the company in a strong position and its new hybrid approach will further differentiate it in the market. The business has gone from strength to strength since becoming independent at the start of the pandemic. This initial funding round will help build on its success and make inroads into the huge US market in line with its ambition to become a global player.”
Sean Hutchinson at British Business Bank, said: “There is a growing demand for cyber security solutions, with organisations across the globe in need of support. The Northern Powerhouse Investment Fund is proud to support a business that is at the forefront of that market, providing solutions and creating new highly skilled jobs from its Leeds base. NPIF exists to support business growth across the North and I would encourage other firms that have an ambition to grow to consider it as a source of finance.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.