Eight Peaks takes interest in cybersecurity platform through SOARX investment

23rd Jan 2019 10:38

(Sharecast News) - Eight Peaks Group has acquired a 25% stake in a software development, integration and distribution company that operates in the cybersecurity space - SOARX - for £0.13m in cash, it announced on Wednesday.The AIM-traded firm said SOARX had acquired the business and assets, including the 'iCyber-Shield' software platform, of iCyber-Security Professional Services.It explained that the iCyber-Shield platform provided a "disruptive, next generation" capability referred to as 'SOAR' technology.SOAR capability provided proactive 'security orchestration automation and response management', which Eight Peaks said was the ability to self-detect threats and automate the defence response."SOAR Technology is important given the significant global shortage - estimated at approximately 1.5 million roles - of trained information technology security personnel," the Eight Peaks board said in its statement."Automation technology in cyber security can deliver a 70% plus benefit in operating costs."The iCyber-Shield provided enterprises with an "intelligent, proactive, auto-responsive, central cyber defence platform" utilising a mix of machine learning algorithms, blockchain technologies and 'robotic process software automation', it explained.As part of the acquisition, Zafar Karim would be joining the board of SOARX as a non-executive director.Eight Peaks noted that SOARX had only recently been incorporated, and had not yet traded.