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EMC secures the sale of leading cyber consultancy

Ryan Veal; Didi Barnes; Peter Wood; Michael Pay
13th Mar

EMC Corporate Finance is delighted to announce the conditional acquisition of the UK’s leading cyber security consultancy, First Base Technologies LLP (“First Base”), to AIM-listed Falanx plc for a cash consideration of £3.2m.

An EMC team, led by Michael Pay, served as exclusive financial advisers to the Partners of First Base, working closely with them throughout the transaction including preparing the business for sale and devising a bespoke and targeted global M&A sale process.

First Base, headquartered in Hassocks, West Sussex, was founded by Peter Wood in 1989. He and Didi Barnes subsequently developed the business to become the leading cyber security consultancy in the UK, serving major clients across the FTSE.

The business was one of the first in the world to introduce penetration testing for everything from web applications to infrastructure and mobile apps to the Internet of Things, and through its white-hats think tank, it promotes open discussion and collaboration amongst leading information security professionals.

Both Peter and Didi are regular expert commentators on radio and television on matters relating to the increasing nature of cyber threats, their impact on both personal and national security, and their prevention.

Falanx plc, based in London, is a small cap AIM company, led by Mike Read. The business has ambitious plans to take advantage of the rapidly growing cyber security environment. First Base is its largest acquisition to date.

Peter Wood said: “We are delighted with the outcome of the process that EMC ran for us. Over the last few months we have got to know Falanx well and there is a great cultural fit between the teams, which was a very important part of the sale to us. Michael Pay is a really talented professional and provided excellent guidance and support throughout the project.”

Michael Pay added: “It has been a pleasure to work with Peter and Didi to achieve their wishes on both crystallising the value that they had created in First Base and ensuring, like many founder/entrepreneurs, that they were passing on their heritage to people they believed will continue their good work.”

The Partners of First Base Technologies LLP were advised by Michael Pay, Nik Askaroff and Steve Carroll of EMC Corporate Finance Ltd supported by Helen Mead and Chloe Gill of asb law. Falanx plc were advised by Nicholas Crisp of DWF LLP

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