A French private equity company is to take a majority stake in Derry-based cyber security awareness training firm MetaCompliance.
Keensight Capital, which has offices in Paris, London, Boston and Singapore, has signed an exclusivity agreement to acquire Tenzing’s stake in the business.
The London-based tech investor, which bought into MetaCompliance in 2021, said the deal had generated a return of 5.5% the capital it invested in the company.
Founded by Robbie O’Brien in 2005, MetaCompliance specialise in software and content for the cyber-security and compliance market.
The Derry firm has enjoyed significant growth recent times, with revenue up by around 33% in each of the past two years.
The latest accounts for the business show it generated £22.2 million in the year ending March 31 2024, some £10m more than the revenue it reported for 2022.
MetaCompliance reported a pre-tax profit of £6.6m over the same period.
The Tenzing era saw the Derry firm expand internationally through strategic acquisitions in Denmark and Germany.
MetaCompliance also established an offshore development centre in Portugal.
It now employs more than 200 people, serving blue-chip enterprises and mid-market customers across Europe, the UK, and beyond.
“We’re incredibly grateful to Tenzing for their partnership, which has been pivotal in driving MetaCompliance’s growth and success,” said the chief executive of the Derry firm, James Mackay.
“As we welcome Keensight Capital as our new equity partner, we’re excited to accelerate our mission and take the business to the next level with their expertise and support.”
Keensight Capital’s investment portfolio largely comprises of fast-growing companies in the technology and healthcare sectors.
“We are excited to partner with James and the MetaCompliance team,” said Jean-Christophe Cini, director at Keensight Capital.
“As leaders in cyber security awareness training, they have already shown they can thrive in this fast-growing space. We can’t wait to support their next phase of growth.”
The acquisition is expected to complete in the new year, subject to customary regulatory approvals.
