Staff take control of cyber firm i-confidential
i-confidential employees now own the business (pic: contributed)
A cyber security business has become owned by its staff after the founders set up an employee ownership trust.
Edinburgh firm I-confidential, which serves the financial sector, was set up in 2008 by Colin Fraser and Ian Harragan who left RBS to start the business. They were joined by Simon Lawrence the following year.
The trio have now sold a controlling interest in the business to the new Trust, retaining ownership of 15% each. The remaining 55% of shares are now in the hands of the Trust which will hold them on behalf of the employees.
There are currently 21 employees, made up of 14 staff, three founders and four members of the founders’ families.
Mr Fraser said: “All three of the founding team are in our fifties, so it’s only natural that we started to consider what would happen to the business when we eventually retire in the next decade or so.
“We decided to establish succession planning now rather than when it is imminent. It also allows us to realise some of our initial investment.
“We all want to see i-confidental continue to operate successfully. Becoming employee-owned allows the staff to participate in that success and decide the future direction of the business.”
Although focussed mostly on the UK market, i-confidential staff work throughout Europe, India, USA and Hong Kong, to assist international businesses.
The company has a recruitment drive underway and plans to double its team by 2020 and increase contractors to meet rising demand from existing clients and an influx of new clients.