US company swoops for Scots star
Cyber firm ZoneFox acquired by Nasdaq-listed Fortinet
Jamie Graves: ‘shared vision’ (pic: Terry Murden)
Cybersecurity firm ZoneFox has been acquired by Nasdaq-listed Fortinet in a deal which is expected to yield a significant return for investors in the fledgling Scottish business.
ZoneFox is an Edinburgh-headquartered company that monitors cyber threats from within a business and has grown a client base which includes Craneware, Bede Gaming, Pinsent Masons, Rockstar Games, Virgin Care and Zenith Bank.
The company was launched in 2010 as a spin-out from Edinburgh Napier University and employs 25 people at its offices in the city’s west end.
Shareholders include Scottish business angel investment syndicates, Archangels and TriCap, Scottish Investment Bank and Napier University.
Dr Jamie Graves, chief executive and founder, said: “We’re pleased to join the Fortinet team and bring together our shared vision of alleviating CISO concerns about insider threats.
“Integrating our solution with the Fortinet Security Fabric will allow us to extend our reach to a broad spectrum of Fortinet and third-party solutions to solve customers’ most difficult challenges in network security.”
Niki McKenzie, investment director at Archangels, said: “ZoneFox is a Scottish technology success story around the world and Archangels is proud to have supported the business and the management team from an early stage.
“The threat from cyber security has never been more acute and today’s announcement signals the next chapter in the ZoneFox story, enabling the team to provide protection and support to an even wider range of organisations. We are confident that the business, and its staff, will flourish as part of Fortinet.”
Kerry Sharp, head of the Scottish Investment Bank said: “ZoneFox is an excellent example of an innovative Scottish technology business that’s had a clear vision from the outset on how to develop, deliver and commercialise first class cybersecurity products for businesses globally. Scottish Enterprise, through the Scottish Investment Bank, is delighted to have supported the Company and management from an early stage.”