Olswang has advised the shareholders of Context Information Security (ContextIS), a leading provider of specialist technical consultancy services in the cyber security market, on the sale of the company for £32m to Babcock International Group PLC, a leading UK engineering support services company.
Founded in 1998 with the aim of providing independent technical security consultancy services, ContextIS is one of the few companies accredited under the new Government Cyber Incident Response scheme, a British government programme to define standards and offer a list of certified providers of response services in the event of cyber-attack. ContextIS's long-standing clients include global blue-chip companies from a range of sectors, as well as public sector and government organisations. ContextIS generated revenue of c.£10 million in the financial year ended 31 May 2013.
As a FTSE100-listed UK-based multinational, Babcock specialises in managing complex assets and infrastructure in safety- and mission-critical environments, with its customers increasingly needing to protect their information systems. ContextIS will operate alongside Babcock's other consultancy businesses, complementing Babcock's existing expertise in systems engineering.
Mark Raeburn, CEO at ContextIS, commented: "The transition from being privately owned to becoming part of a FTSE100 company is a big step for any business. The Olswang team guided us through every step of the process, supporting us on the technicalities of an M&A deal, with a sophisticated understanding of how our business works and the markets within which we operate."
Louis Glass, Partner at Olswang, added: "I'm proud to have helped Mark and his fellow director, Alex Church, on this important step in their journey. ContextIS is a fantastic new asset for Babcock and this was a fast-moving deal in a rapidly growing industry. Above all, though, it was a total pleasure to work with Mark and Alex who I know, as dynamic tech entrepreneurs, felt right at home with the Olswang team."
The Olswang team was led by Corporate Partner Louis Glass with Senior Associate Edd Heaton and Associate Marie Ingham, supported by Natasha Kaye, Partner and Lydia Hutchinson, Associate (Tax), Andrew Quayle, Partner and Catherine Merry, Associate (Incentives) and Catherine Taylor, Partner and Luke Cohen, Associate (Employment).
