A LEADER in cyber security consultancy services and specialist security resources, i-confidential, today announced that five years since becoming employee owned, the vendor loan used to acquire a 55% ownership stake in the business has been fully repaid on schedule.
i-confidential is one of Scotland’s cyber powerhouses that works with the largest banks, retailers, and insurance providers in the world.
The organisation delivers a portfolio of offerings to its clients, which help them manage and reduce their cyber risk. i-confidential also runs a specialist resourcing service, where organisations can benefit from its network of trusted cyber security consultants when they need to enhance their inhouse security teams with expertise and knowledge.
The company was founded by Ian Harragan, Colin Fraser, and Simon Lawrence in 2008, and it now employs 20 members of staff and has around 150 associates. Although focused mostly on the UK market, i-confidential staff have worked throughout Europe, India, the US, and Hong Kong, to help international businesses.
The move to employee ownership was spurred by the three founders considering their succession plans. Immensely proud of the talented team the company had attracted, and the unique working culture, all three were keen to identify an exit strategy that would allow the company to continue flourishing.
“We could instantly see the benefits employee ownership offered our team and our clients. Continuity is critical in cyber security and now there is a whole team of talent ensuring the success and safety of our customers,” said co-founder and director Simon Lawrence.
Now that the payment process is complete, i-confidential is stronger than ever, with an engaged, motived, and committed team, all working with the shared goal of success. Over the next year, i-confidential plans to expand into new sectors, grow its consultancy business, and continue helping its clients manage and reduce their cyber risk at a time when the threat posed by cyber crime has never been greater.
“We have always been an ambitious business. Our challenge is to continue the founders’ legacy by building on growth whilst continuing to have a people-centred culture. Longer term, the employees want to increase our shareholding in the company, and over the next year we will continue working to achieve this,” said Nicola Huskie, i-confidential’s Chief Commercial Officer.
