Finnish cybersecurity company Ubisecure has received ‘significant’ growth capital from Octopus Group, though the precise amount was not disclosed.
Ubisecure, which was founded in 2002, provides IDAM software and cloud identity services. Its platform uses customer IDAM middleware and API tooling to allow companies to connect, manage, secure and streamline the use of customer identities, in order to reduce the efforts and cost of delivering connected, business-critical applications across devices.
“With the number of breaches involving personal information increasing and with GDPR going into effect on May 25, 2018, the subject of how companies handle identity data has become a particularly hot topic this year,” said CEO Simon Wood. “When considering investment partners, we chose to partner with Octopus because of its track record in supporting the growth of successful enterprise software businesses across Europe, and we are very excited about our next phase of expansion.”
Though headquartered in Finland, Ubisecure already has offices in the UK, and plans to use the investment to expand operations in Europe. Initial focus will be on the Nordics and the UK, with plans to open a German office later this year.
Grant Paul-Florence, Head of Intermediate Capital at Octopus Investments, commented: “There is a huge opportunity for Ubisecure to expand its European presence, and we are thrilled to have been brought on board to support the company in this next stage of growth. Ubisecure’s customers speak exceptionally highly of the world class expertise of the team and its CIAM platform, which allows companies to achieve security, productivity and workflow efficiencies at a much larger scale. This unique technology combined with the growing market opportunity makes it an exciting opportunity for our investors and we are looking forward to working with the team.”
As part of the deal, Richard Court and Paul Davidson of Octopus Investments will be joining Ubisecure’s board of directors.