Partner Article

Investment boosts OpSec security

A North East technology firm has secured almost £16m in investment as it targets new acquisitions.

Washington-based OpSec Security Group, which supplies anti-counterfeiting technology and services to governments, banks, private companies and other organisations across the world, received the cash from funding group Investcorp.

The company, which employs around 80 people at its North East headquarters, plans to use the funding to expand its operations as the UK economy exits from recession. The company said in a statement that it was “aware of opportunities both to make selective acquisitions and other investments”, as well as paying off existing borrowings.

David Mahoney, chairman of OpSec, said: “We are pleased to announce this proposed investment by Investcorp Technology Partners. OpSec continues to see significant growth, investment and acquisition opportunities in the industry which we believe will enhance shareholder value. The proposed fundraising will enable OpSec to take advantage of these opportunities as they arise.”

The investment comprises around £7.6m of new share capital and a loan facility of US$13m (around £8.2m).

Full details of OpSec’s expansion plans have not been released, but further developments are expected in the near future.

OpSec suffered the effects of the recession in mid-2009, edging into the red in the first half of the year despite new acquisitions made in 2008.

This was posted in Bdaily's Members' News section by Ruth Mitchell .