Pixel Holdco, which is the cloudy Perfect Image parent company has written a cheque for Cyphra Northern Ireland’s provider of cybersecurity solutions to large public sector organisations, government agencies and private enterprises.
Founded in 2014, Cyphra supplies, implements and supports specialist technical solutions to help customers mitigate risk and protect themselves against the exponential growth in cyber threats, such as ransomware.
Through its partnerships with global cybersecurity vendors, including Palo Alto Networks, F5, Fortinet, CyberArk and Checkpoint, Cyphra provides enterprise-grade cybersecurity architecture and solutions, cloud security and managed security services, including Next-Generation Firewalls, Identity Federation and Access Management, Web Application Firewalls, Managed SIEM and SASE (Secure Access Services Edge). These are underpinned by Cyphra’s strategy-led assurance based consultancy and cybersecurity maturity assessment services.
Cyphra will sit alongside Perfect Image to create a specialist IT services proposition that combines Cyphra’s complementary cybersecurity solutions and services with Perfect Image’s portfolio of cloud infrastructure, managed services and data analytics solutions. Cyphra will continue to operate under its own brand with its founders and existing senior management team driving the business through its next phase of growth and geographic expansion across the UK. Managing Director, Paddy Trainor, will join the Pixel Board.
The acquisition creates opportunities for both Cyphra and Perfect Image as they look to leverage the synergies that exist to accelerate growth and drive new and incremental revenue opportunities within their respective customer bases.
Cyphra will use Perfect Image resources and infrastructure to scale its business through geographic expansion, penetrating new markets and creating new sales revenues through cross-selling opportunities. Perfect Image will leverage Cyphra’s specialist cyber security proposition to drive incremental business within its existing customer base as well as drive net new customer acquisitions.
Pixel Chairman Tom Kelly said: “Cyphra is a strategic acquisition for Pixel as we continue to build out our portfolio ofIT managed services companies. We recognised that cybersecurity was fast becoming the major challenge for customers and having looked at the market we identified Cyphra as an ideal acquisition. Its strong leadership team, exceptional technical expertise, stellar customer base and technology partnerships set them apart.
“The addition of Cyphra creates a specialist managed IT services proposition with a combined £4 million EBITDA and I’m really looking forward to working with the leadership teams to help scale and grow the business to the next level.”
Cyphra Managing Director Paddy Trainor: “We are delighted to be joining Pixel as we look to accelerate our growth across the UK. This will enable us to continue our investment in our people, our partners and our customers and achieve our ambition of becoming the leading ‘pure-play’ cybersecurity company in the UK. Working alongside the Perfect Image team will give us the scale, resources, and capabilities to achieve this.
“Our deep technical know-how and engineering excellence have enabled us to become the go-to cybersecurity specialist for our customers and partners, including some of the largest of Government organisations in Northern Ireland, national Service Providers, and the world’s leading cyber vendors, including Palo Alto Networks, F5 and CyberArk. We’re excited about the future and can’t wait to continue our growth journey.”
Chris Shields, Sales and Marketing Director at Perfect Image said: “This is a fantastic acquisition and we look forward to working closely alongside Cyphra to drive mutual growth. With data now becoming mission-critical for every organisation – large or small, public or private – effective cybersecurity is a must-have. Working alongside Cyphra we have even greater capability to take to our existing customers as well as driving new customer opportunities and growth.”
