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Datatec's Montanana plans network security roll-up

Alex Scroxton

Datatec boss Jens Montanana is embarking on an ambitious roll-up of businesses in the security networking space after taking a non-executive seat on the board of AIM-listed BPM software minnow Corero.

In an announcement made to the markets this morning, Corero said that former Logicalis operations, corporate finance and strategy director Andrew Miller is to be parachuted in as executive director with responsibility for finance, operations and M&A.

As part of the restructure Corero's Financial Markets Division is to be sold for £2m to Brokerhorse Ltd, a subsidiary of Rivington Street Holdings, with the unit's managing director, Mark Robertson, transferring across with it.

"The network security market has witnessed sustained growth - this is set to continue as demand for evolved security products increases," said Montanana. "Corero is ideally positioned to develop a network-based Internet security product business alongside the existing Business Systems division."

A cash injection of £6.5m raised by a Placing and new Subscription will help fund Corero's future buy-and-build strategy, while the disposal of the Financial Markets unit and conversion of remaining loan stock to equity will eliminate Corero's debts, the firm said.

"Our strategy is to focus on mid to upper tier solutions targeting high growth segments and business critical applications," added Montanana.


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