Background

  • Founded in 2016, Bulletproof Cyber Ltd (Bulletproof) is a leading provider of cybersecurity, information security and data protection services, including penetration testing, GDPR and ISO Consultancy, Cyber Essentials certifications, and more
  • Bulletproof provides its services to over 2,000 customers worldwide, helping them remain safe and compliant with the evolving and increasing cyber threat landscape
  • Headquartered in Hertfordshire, Bulletproof employs a team of over 100, including more than 60 accredited penetration testers and consultants across the UK and US
  • The GRC Group is a leading provider of software and tech-enabled services to manage business risks and regulatory compliance. The GRC Group was acquired by Inflexion from Marlowe plc in May 2024

Process

  • DC Advisory was appointed as exclusive financial advisor by the shareholders of Bulletproof in November 2023 to advise on the sale of the business 
  • DC Advisory ran a competitive process focused on trade bidders, leveraging our deep sector expertise and senior relationships globally to raise strong interest from motivated bidders in cybersecurity, cloud & managed IT services, and GRC services across the UK, Europe and the US
  • DC Advisory worked closely with management to find the right partner for Bulletproof who would share the same values and continue to support the business in its rapid growth trajectory

Outcome

  • In June 2024, Bulletproof was sold to The GRC Group
  • The acquisition of Bulletproof aims to enable The GRC Group to enter the cybersecurity risk management market, a fast-growing sector which offers The GRC Group the opportunity to broaden its range of services to existing clients
  • This transaction further strengthens DC Advisory’s expertise in the cybersecurity, GRC and IT services sectors

“I have personally spoken to several M&A advisors over the years and what stood out with DC Advisory is that they really understood our industry, quickly got to grips with our business and were realistic. They were a great sounding board for us around positioning to the correct buyers and they then had the right global connections to help ensure our process was highly efficient. The team was always available, accepted our thoughts and ideas and quickly actioned urgent requests. The team made the process slick, ensured we were well prepared and had bandwidth left to focus on our business too. They felt like part of the team during the process and kept the team motivated and positive throughout. Finally, they delivered on the outcome the board wanted.”

Oliver Pinson-Roxburgh
CEO, Bulletproof Cyber Ltd

"The support we had from Thomas and the team at DC Advisory was critical to us getting the sale over the line. Their knowledge, connections and expertise throughout all the phases was impressive and they ensured we went to market with a compelling offering. Their support meant I was able to deal with the workload from the transaction while still running the business. The final outcome delivers an excellent result for Bulletproof and a bright future awaits!"

Nicky Whiting
Managing Director, Bulletproof Cyber Ltd

“Mark, Oli and Nicky have built a truly best-in-class team united by strong company values. It has been a great pleasure advising and supporting the team on this successful transaction. Bulletproof has found the ideal new home to accelerate its growth journey, and The GRC Group has found a rare and high-quality platform to expand its cybersecurity offering. For DC Advisory, this transaction further strengthens our cybersecurity M&A franchise.”

Thomas Codazzi
Vice President, DC Advisory