Cork's Smarttech247 raises €1.8m through sale of shares in cybersecurity firm

Cork-founded firm announced the sale of its entire unquoted minority position in Visibility Blockchain Limited to Forcepoint

Raluca Saceanu, CEO of Smarttech.

Cork cybersecurity provider Smarttech247 has announced the sale of its entire unquoted minority position in Visibility Blockchain Limited to Forcepoint, a provider of data and cloud security.

The disposal is expected to generate a gross cash inflow to the company of approximately €1.8m.

Trading as Getvisability, Visibility Blockchain Limited is a cybersecurity company focusing on data visibility and control and uses AI to classify and secure unstructured information.

The companies have collaborated with one another over several years through various partnerships, with Getvisibility playing a "key role" in Forcepoint's newly launched generative AI platforms. 

"Smarttech247 has worked closely with Getvisibility for many years, and our strong trading relationship has continued to grow," the company said on Monday.

"This transaction reinforces our commitment to innovation and collaboration. Moving forward, our valued partnership with Forcepoint will remain in place, ensuring continued success in delivering world-class security solutions."

Executive chairman of Smarttech247 Ronan Murphy, who is also a significant shareholder in Getvisibility, has also agreed to sell his shareholding as part of the sale of the company to Forcepoint.

As of July 31 2024, the carrying value of Smarttech247's investment in Getvisibility amounted to around €1m. 

The completion of the sale of Getvisibility is subject to the satisfaction of certain conditions that are customary for a transaction of this type. The proceeds from the disposal will be added to the company's cash reserves.

"This is a significant transaction for the Company as it results in a substantial cash inflow and also means that an important trading partner of the Company is now part of a global provider of data and cloud security," said Raluca Saceanu, CEO of Smarttech247.

"Going forward we are excited about further developing our relationship with the Forcepoint group."