Lyceum acquires Clearswift

Diana Petrowicz
30 November 2011

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Lyceum has taken a stake in digital security software company Clearswift.

The growth capital will allow the IT firm to broaden its security software range and acquire further technical capability, increase its presence in the key vertical sectors and expand its scale and geographical reach.

Lyceum acquired the company from an investor group consisting of Amadeus Capital Partners, DFJ Esprit and Kennet.

The capital injection in Clearswift takes its investments in the technology sector up to £100m. Lyceum's last transaction in this sector took place in October, when the investor bought IT service provider Adapt for £30m.

Debt
The deal was financed through equity only.

Previous funding
In February 2001, Clearswift received £6.75m seed funding from 4C Ventures, Amadeus Capital and Pino Venture Partners. A year later, Amadeus invested again in a £20m round led by Kennet Capital and DFJ Esprit. Also Argan Capital participated in the funding. In November 2003, Amadeus Capital, Argan Capital, DFJ Esprit and Kennet Venture Partners backed another finance round for £7.30m.

Company
Theale-based Clearswift offers security software products to enterprises. The business provides solutions for inbound threats, data loss prevention, web access policies and compliance for web and email communication. Currently Clearswift has about 17,000 customers in about 50 countries such as BAE Systems, Hitachi Solutions, T-Mobile and Australia Postal Service.

The firm runs operations in Germany, Spain, Japan, Holland, Australia and the US and employs about 170 people.

People
Lyceum partners Jeremy Hand and David Harland will join the company's board.

Advisers
Equity - PriceWaterhouseCoopers, Philip Shepherd, Barry Jaber, Miles Tam (Commercial due diligence); Alvarez & Marsal Transaction Advisory Group Europe, Adrian Balcombe, Ben Norris (Financial due diligence); Olswang, Stephen Rosen, Robert Willis, Beata Callenfels, Clive Gringras (Legal); Intuitus, Calum Stewart, Paul James, Iain Mackay (IT due diligence); AON, Peter Casciani, Simon Tushingham (Insurance due diligence); Highwire Consulting (Management due diligence).