Lyceum sells Clearswift via trade sale

The deal saw Lyceum sell its stake to the defence and cybersecurity division of Switzerland-based corporate Ruag. As part of the deal, Dietmar Thelen, vice-chair at Ruag's defence division, will take the helm at Clearswift as of January 2017.

At the time of Lyceum's original acquisition, the company was experiencing a decline in revenues, according to a statement. During its private equity ownership, the company made two add-on acquisitions: Australia-based Jedda Systems in September 2013, and German web traffic protection software developer Microdasys in February 2014.

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

In November 2003, Amadeus, Argan, DFJ Esprit and Kennet Venture Partners backed another financing round for £7.3m.

Lyceum became an owner in November 2011, when it acquired a majority stake in the business from Amadeus, DFJ Esprit and Kennet.

Company
Founded in 1982 and headquartered in Theale, Clearswift is a cybersecurity software developer. The business provides software aimed at inbound threat detection and prevention, data loss prevention, web access policies and compliance for web and email communication.

It currently has satellite operations in Germany, Spain, Japan, the US, Australia and the Netherlands.

In 2016, the company expects to generate €23m in revenues and employs 140 people.

People
Lyceum Capital – Jeremy Hand (managing partner); David England (industrial partner).
Clearswift – Heath Davies (CEO).

Advisers
Vendors – William Blair (corporate finance); Travers Smith (legal).

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• Topics
• Exits
• Technology
• UK / Ireland
• Horizon Capital (formerly Lyceum Capital)
• Trade sale
• United Kingdom