ZONEFOX, the Edinburgh-based cyber security specialist, has been sold to Californian player Fortinet.
The Napier University spin-out, founded by PhD graduate Jamie Graves in 2010, specialises in targeting cyber threat emanating inside organisations, with clients including Craneware, Zenith Bank, Rocktar Games and Pinsent Masons.
Its sale marks an exit for shareholders Archangels and TriCap, the Scottish business angel investment syndicates, Scottish Investment Bank and Napier University. Archangels spearheaded a £3.6 million investment round for ZoneFox last year in the biggest fundraiser to be led by the syndicate to date.
ZoneFox had previously raised £2.5m in seed funding, including backing from Archangels. The terms of its sale to Fortinet were not disclosed.
Mr Graves, who will remain with ZoneFox, said the Fortinet deal will allow the Scottish firm’s systems to reach a wider audience.
“We are pleased to join the Fortinet team and bring together our shared vision of alleviating CISO (chief information security officer) concerns about insider threats,” he said.
“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.”
ZoneFox’s 25 staff will continued to be based at its office in Edinburgh’s Torpichen Street.
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.”
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