DESlock Ltd receives funding from Shackleton Ventures and Silver Cloud Ventures to create new entity dedicated to the development of encryption and Data Leakage Prevention tool, DESlock+
Taunton, UK – 25th June 2012: DESlock Limited announced today that it is launching into the UK market under its own identity, having previously been part of Data Encryption Systems. The new company, DESlock Ltd, has raised £0.5 million in growth capital through Shackleton Ventures, Silver Cloud Ventures Ltd, directors and staff to purchase the rights of sale for award winning encryption and Data Leakage Prevention tool DESlock+. DESlock Ltd will be using the funds for further product development and product promotion to extend its reach into the global security market.
DESlock Ltd's flagship product, DESlock+, has a strong heritage in the UK market having first launched in 2006. The tool helps organisations to protect against all types of data breach by offering simple, yet extremely powerful, encryption. Its FIPS 140 validated full disk and removable media encryption protects laptop computers against the unexpected, file, folder and email encryption allow fully secure collaboration across complex workgroups and teams.
David Tomlinson will assume the role of Managing Director for DESlock Ltd, having previously held the position of Managing Director for Data Encryption Systems. Shackleton Ventures, a venture capitalist firm that specialises in direct secondary investment, has invested in DESlock Ltd to provide development funds and expertise to help support the new company’s product development and market growth. Hugh Stewart, Managing Partner at Shackleton Ventures will sit as Chairman on DESlock Ltd Board. Stewart brings with him 28 years in venture capital following an early career in technology-based industries and sees great potential in the company. "We have a top-class product and a great team of people who are dedicated to making DESlock fly,” he comments. “The market is crying out for a product with the depth of features and simplicity of use of DESlock+. Now the funding is in place, I am very much looking forward to seeing where we can take this."
Joining the board of DESlock Ltd is Joe Stelzer, Founder of private equity and consulting firm, Silver Cloud Ventures, which invests in high growth opportunities across a variety of businesses in the financial services and technology sectors. Joe previously acted as an advisor and Director/Shareholder of Stonewood Electronics Ltd, which developed his knowledge and understanding of the encryption market. Joe's involvement in DESlock Ltd will leverage his market understanding of the technology space to help identify future growth opportunities. "I am very excited to become involved with DESlock given its outstanding technical capability and its corresponding opportunity for becoming a major force in the encryption market,” he says.
“I believe DESlock is poised for explosive growth on the back of some major contract wins, including several government departments. It is always a challenge for a small company to effectively compete in the domain of large multinational players, but with the compelling list of advantages that DESlock offers, more and more organisations are realising that DESlock is the must-have technology for comprehensive endpoint encryption."
DESlock+ has been a staple contender on the encryption scene for a number of years, achieving many industry accolades, including SC Magazine's 'Best Buy', Computing Security Awards Encryption Product of the year and finalists in Network Computer Awards Security Product of the year. With the added focus, attention and funding support the company has great growth potential and is already landing some very big deals.
"Despite the additional work and distraction that a restructure like this creates, we landed an 11,000 user government contract at the same time,” David Tomlinson, Managing Director for DESlock Ltd asserts. “This was a great affirmation for the incoming investors and a real encouragement to the staff. DESlock is now equipped to accelerate development and grow market share. We are now recruiting sales & development personnel, increasing our marketing reach and looking to develop our international and regional distribution and reseller channel. We are excited at where we see the company going.”
To find out more about the company and its products, please visit: www.deslock.com, or call 0808 100 1233.
Notes for editors:
About Shackleton Ventures
Shackleton Ventures was formed in 2006 to acquire and develop a business in Secondary investments. The business has been established by a team of experienced industry professionals with over 40 years of combined venture capital experience.
Shackleton is different from most venture firms. It specialises in direct secondary investments – where it buys a portfolio of existing investments, or an individual holding, from an investor that is seeking liquidity.
It focuses on two areas: venture investments in young technology companies and development capital in more mature companies in traditional industries. It tailors its approach according to the type of investment, but in all cases seeks to back management teams with deep experience and insight into their company’s markets.
About Silver Ventures Ltd
Silver Cloud Capital LLP is a private equity and consulting firm focusing on turnaround and growth opportunities in the Technology sector. It seeks to invest in or advise Technology Companies that need assistance with:
Creating value out of strong IP
• Growing a fledgling business and providing it with the appropriate infrastructure
• Turnaround of a loss making business
• Preparing a business for sale
• Providing integration support of a business that has been recently purchased
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