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Eight Peaks Group picks up 25% stake in cyber security firm SOARX

The investment firm said SOARX has acquired a technology that was important in the cybersecurity market given a global shortage of IT security personnel

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Eight Peaks acquired the stake for £125,000 in cash

Eight Peaks Group PLC (LON:8PG) has taken a 25% stake in cybersecurity firm SOARX Limited for £125,000 in cash.

The investment firm said SOARX had acquired the business and assets of iCyber-Security Professional Services Limited, including its iCyber-Shield platform which provides Security Orchestration Automation and Response (SOAR) management technology.

READ: Eight Peaks surges as it invests £300,000 in Virtualstock

iCyber-Shield provides enterprises with an intelligent, pro-active, auto-responsive, central cyber defence platform that utilises machine learning algorithms, blockchain technologies and Robotic Process Software Automation.

Eight Peaks said this technology was important in the market given a “significant” global shortage of trained information technology security personnel, estimating around 1.5mln roles, adding that automation technology for cybersecurity could deliver a 70%+ benefit in operating costs.

As part of the investment, the company said its executive chairman, Zafar Karim, would join the board of SOARX as a non-executive director.

In mid-morning trading Wednesday, Eight Peaks shares were changing hands at 8.5p.

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