Increase in DDos cyber attacks boosts growth for security business

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08/05/2018

Corero Network Security plc, a cyber security business, which provides protection against distributed denial-of-service (DDoS) attacks, has received £3m in funding from Clydesdale and Yorkshire Bank’s Growth Finance team.

Corero focuses exclusively on real-time DDoS detection and mitigation, working with service providers, cloud providers and digital enterprises to eliminate the threat of cyber-attacks. Established in 2010, the business has grown significantly in the last few years as a result of significant investment and the increasing reliance that businesses have on the internet.

Corero’s flagship product, SmartWall, detects and mitigates DDoS attacks in seconds. In 2015, Corero opened its Edinburgh office, which now employs 20 members of staff. They aim to grow the team in the Scottish capital, as well as add to the headcount across the UK.

DDos to remain a threat

Andrew Miller, Chief Financial Officer at Corero Network Security plc, said: “This is an important time for Corero as we look to significantly accelerate both revenue and profit growth over the next two to three years. DDoS is expected to remain a significant cyber threat and we are well-positioned to be a disrupter in our market.”

“Corero continues to build on the technology market leadership of its SmartWall product with investment to add new software features and analytics capabilities. Opening our office in Edinburgh has been a really positive experience – we are in an excellent location and have recruited an extremely talented and skilful team.”

Andrew added: “Clydesdale and Yorkshire Bank’s Growth Finance team rapidly understood our business and requirements, moving quickly and professionally to deliver the funding package on schedule.”

Growth finance specialists

The growth funding was delivered by Stephen Fahy, a Senior Director, and Usman Ali, a Director, in Clydesdale and Yorkshire Bank’s Growth Finance team. The team are specialists in providing senior lending for innovative and rapidly expanding IP rich businesses across the UK.

Stephen Fahy said: “We are proud to be working with Corero as it looks to grow its business. We are committed to supporting SMEs to grow and to develop, and we look forward to working with Corero on the next stage of their journey.”