Irish cybersecurity platform Edgescan has scored €10.5m in an investment from growth capital investor BGF.
The growth equity firm has acquired a minority stake in Edgescan and marks its fourth investment into an Irish company over the past 17 months. As part of the deal, Leo Casey, who heads BGF’s operations in Ireland, has joined the Edgescan board of directors, as has BGF investor Maedhbh O’Driscoll.
Capital from the round will be used to support the company’s international expansion and bolster its product development.
Founded in 2011, Edgescan is a SaaS platform which continuously detects vulnerabilities across a company’s networks, web applications, API’s and cloud deployment.
Edgescan founder Eoin Keary said, “Having bootstrapped the company to date, we are delighted to have reached this milestone investment from BGF. We have ambitious plans to aggressively grow Edgescan with a focus on opportunities in North America, the UK and Europe.
“We look forward to working closely with Bernie and BGF to fulfil our goals for the business in the coming years.”
In tandem with the deal, former senior executive at IBM Bernie Waldron has joined the Edgescan board of directors as an independent non-executive chairman. Waldron has also invested into Edgescan alongside BGF.
Waldron said, “I’ve been hugely impressed by the differentiated position Edgescan have already carved out in the fast-growing cybersecurity marketplace, with significant overseas business and global blue-chip clients and partners.”
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