London - March 2014 - Albion Ventures LLP, one of the UK’s leading venture capitalists, today announces that it has made an investment of £2.2m in Egress Software Technologies, the market-leading provider of on-demand Cloud-based email and file encryption services to organisations in the public and private sectors.
Established in 2007, Egress launched their award-winning SaaS-based information security platform, Egress Switch, in 2009. Since its launch, Switch has become one of the market’s leading email and file encryption solutions, and already dominates the local authority space, with over 70% of councils registered as subscribers of the service. The uptake of Switch has also been recognised across central government and the NHS, as well as a growing ‘Third Sector’ made up of organisations such as charities, social care providers, housing associations and schools. In the private sector, healthcare providers, including HCA Healthcare (the world’s largest private healthcare provider) and Spire Healthcare (the largest provider in the UK), have also adopted Switch.
Leveraging a unique community-based licensing model known as the Egress Trust Network, recipients of Switch packages can communicate securely free of charge with paying subscribers. The Trust Network has grown virally by over 200% to more than one million members in the last 12 months.
In 2013, Switch was confirmed as the first, and currently only, email encryption product to be certified by UK Government (CESG), making it suitable for sharing highly sensitive data over the internet, without the need to manage external third party credentials.
Ed Lascelles, Partner at Albion Ventures, comments: “We are delighted to be supporting Egress as it enters such an exciting stage in its growth. We believe the company has a huge role to play as organisations increasingly focus on the security and privacy of their data. Egress fits well with the profile of technology investment that Albion seeks: the business is growing rapidly and has developed a leading position in a fast-growing, dynamic market.
“Egress’s first class senior management team has a proven track record in successfully growing businesses in the information security industry, and we look forward to working closely with this highly energised and innovative team.”
Tony Pepper, Chief Executive Officer and Co-founder of Egress, states: “We are delighted to be able to partner with such an experienced investor as Albion Ventures. Their depth of knowledge and understanding of the technology market and their experience supporting organisations similar to ours grow and meet their strategic targets make them an invaluable partner.
“The next two years are crucial in the growth and long-term success of Egress, and working closely with the experienced team at Albion, we are well-placed to seize on the potential and market opportunity now in front of us.”
About Albion Ventures
Albion Ventures LLP is a venture capital investor specialising in VCTs with around £230 million under management. The business of Albion Ventures was formerly known as Close Ventures. It was acquired by its management in early 2009 from Close Brothers Group plc. To date its VCTs have paid out approximately £124 million in dividends to shareholders.
Albion Ventures looks to invest £1-10m in a wide range of growing businesses, from technology-oriented companies to asset-based businesses. Albion Ventures is authorised and regulated by the Financial Conduct Authority.