British cyber security business ECSC, which counts 10pc of the FTSE 100 as its clients, has announced its intention to float on London’s junior market. The Bradford-based group hopes to raise around £5m by issuing more than 2.9m ordinary shares at 167p a piece on Aim, which will give it a market capitalisation of £15m. Recent high profile cyber attacks on San Francisco’s light rail system, Tesco Bank, Michael Page and TalkTalk, has made cyber security an important issue for company boards. Last month, Chancellor Philip Hammond committed £1.9bn over the next five years to bolster cyber security defences. With cyber threats unlikely to cede the spotlight in the year ahead, chief executive Ian Mann said: “We feel this is the ideal time to list on Aim and accelerate ECSC’s growth.”
British cybersecurity company ECSC is to be floated on AIM with a valuation of £15m ($19.1m). Proceeds from the IPO will be used to quadruple staff to 200 by 2018, as well as to develop cybersecurity sales and consulting training academies. The Bradford-based firm is also looking to open an Australian centre so it can provide security services around the clock.