This development, which was brokered by PwC, looks to bolster the growth strategy set out by Beyond Encryption, which plans to cover multiple sectors in the UK, as well as multiple international territories.
Westcoast‘s interest in Beyond Encryption emerges as cyber crime threats increase within a number of industries, and recognises the email security provider’s Mailock product.
Based in Hampshire, Beyond Encryption provides cyber security solutions to international corporate such as Aegon and Royal London, as part of a financial services industry-wide initiative with Scottish fintech Origo Services.
The company’s flagship Mailock product enables users to secure email communications by ensuring that only the intended recipient can access messages, preventing interception, misrepresentation and misdirection in the process. The product also provides an audit trail of ‘Digital Recorded Delivery’.
The investment from Westcoast looks to complement and enhance existing offerings to Beyond Encryption’s customer base, which serves millions of users.
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“The Westcoast investment is a major boost for our growth plans to distribute into new markets and develop new products,” said Paul Holland, chief executive and founder of Beyond Encryption.
“Importantly, BE and Westcoast share similar values, recognising the importance of our people in delivering technical excellence and helping our customers lead better and safer digital lives.
“Having a company the size and strength of Westcoast, as an investor, is an incredible compliment to the hard work the BE team have put in.”
Tim Armstrong, PwC Partner and lead on the transaction, commented: “We are pleased to have advised the shareholders of Beyond Encryption on this key milestone in the journey of an exciting business.
“The team have developed a fantastic suite of products, building on their deep expertise and experience.
“The partnership with Westcoast will facilitate an opportunity to further expand organically. We wish Beyond Encryption and Westcoast every success for the future.”