BrandShield Ltd, a cybersecurity firm specialising in brand protection and online threat hunting, is planning an initial public offering (IPO) on the London market.
Established in 2013, the company deals with cybersecurity threats including phishing, fraud, counterfeiting and impersonation on social media.
Speaking to Proactive, chief executive Yoav Keren said that the group’s products operate on a software-as-a-service (SaaS) model, when customers pay for the use of the software on a recurring basis.
He also said that the company has “grown significantly” and revenues between 2017 and 2018 have “more than doubled”, while between 2018 and 2019 the number expanded by over 70%.
“Most of our customers need a full solution, and that’s what we provide…a closing of the loop as part of the managed service”, the CEO said.
The company was initially focused on counterfeit detection, however, over the years more capabilities have been added while around two years ago the group pivoted more towards security issues as methods used by both counterfeiters and fraudsters have become similar, allowing the company to shift with little effort.
Keren added that during the current period of coronavirus disruption, the firm has seen more customers coming in as increased reliance on online technology and communication leads to a surge in fraud and phishing activities.
The CEO also said the company is “on the way to profitability” and that the funds it is planning to raise through its London listing are earmarked to boost awareness of its products.
Particular targets for the money include an expansion of the firm’s marketing and sales capability to, as Keren says, “get the word out there”.
While the pandemic may have delayed the IPO schedule, Keren said that the float is still “on the roadmap” and, once the market environment allows it, the listing will proceed as planned.
The amount the company is looking to raise has not yet been disclosed, but Keren said that the IPO will be “a reasonable amount” for expansion.
“It is an established business, we have customers from around the world and different industries and the goal now is to continuing growing the company”, the CEO said.