CORETX launches new cyber-security unit

Mid-market network, cloud and IT managed services provider CORETX Holdings announced the launch of ‘Protection Against Cyber Threats’ (PACT) on Thursday, which it described as a new business unit focused on cyber-security.

The AIM-traded firm said PACT had been created in response to increasing customer awareness of cyber-security threats and demand for comprehensive protection from a single provider.

It said it was making an initial investment of £0.75m.

“We took the decision to invest upfront to build a new practice, rather than pay a premium to acquire an existing cyber-security business, as this approach will quickly deliver best of breed solutions to our customers and create more long term value for our shareholders,” said CEO Andy Ross.

“The demand from existing CORETX customers is strong and we have already had our first contract wins. We expect the business unit to be profitable by the end of H1 2018, with at least 30 PACT customers signed up and on board by the end of 2018.”

The board said PACT combined CORETX's proven managed services expertise, specialist security staff and new cloud-based security solutions.

At the core of the new business unit, CORETX said there was a fully staffed security operations centre providing 24/7 monitoring of security information delivered through a cloud based security information and events management solution.

PACT technical resources would correlate, classify and prioritise all security information generated by customer IT infrastructure and alert them on the severity impact and threat score of security events taking place across their estate.

The product would also provide proactive, pre-emptive security planning and action through an Advanced Threat Protection solution, as well as manage endpoint security through next generation technology.

Paul Toms and Clive Atkins, both reprotedly senior professionals within the industry, had been recruited as security services sales director and security services technical director, respectively.

CORETX said Toms has a track record of transactions within enterprise sectors, whist Atkins has more than 30 years of experience and a background of building strong vendor relationships and developing portfolios.

Both have worked together previously, having founded a successful security and IT infrastructure business.

The PACT business unit will be headed by Merlin Gillespie, group strategy director, who also has a track record of building and managing cyber-security businesses, the CORETX board added.

"In Paul Toms and Clive Atkins we have recruited excellent security industry expertise who, together with Merlin Gillespie, will form the new business unit's senior management team,” Andy Ross added.

“We are already adding further external industry expertise to the team, as well as training existing staff and dedicating them to PACT.

“We expect the core team to be at least 10 strong by the end of 2017.”