BGF to exit investment in Garrison Technology

Having been backed by BGF since 2017, the London-based business is now being acquired by Everfox, a leading US cybersecurity organisation.

12 June 2024

BGF has announced plans to exit London-based cybersecurity company Garrison Technology Ltd (Garrison). Garrison has been acquired by Everfox, a leading high-assurance cybersecurity organisation, headquartered in Virginia, USA. The transaction is subject to regulatory review and customary closing conditions, and is expected to close this summer.

As part of the deal, BGF will re-invest into Everfox and continue to back the company as a minority shareholder. BGF’s deal team included Alex Snodgrass, Ian Downing and Tom Gilchrist, while the legal advisors were Ashfords (Rory Suggett and Jon Groves).

Garrison Technology was founded in 2014 by Dave Garfield and Henry Harrison. Previously at BAE Systems, the duo joined forces to create robust, patented cybersecurity tools for government and military functions in the UK and North America.

BGF first partnered with Garrison in 2017, providing £8.5 million across two successive funding rounds, to support the business as it scaled its operations. Over the last seven years, it has demonstrated significant growth in the provision of its core cybersecurity solutions in the UK and across the US and Canada — with sales reaching $20 million in the year to March 2024.

David Garfield, Co-Founder and CEO of Garrison, said: “We created Garrison to develop nation-state level security technologies that enable the most sensitive Government missions to operate efficiently in a digital world, and to then extend the availability of these solutions out to critical infrastructure and enterprise customers.”

“BGF has been a supportive partner during an important period of growth, providing significant value-add support as we scaled our operations into key markets, such as the US. Looking to the future, Everfox and Garrison share a similar mission, and we are confident that the combination of our complementary hardsec solutions with Everfox’s portfolio will accelerate the delivery of high-assurance security that can really make a difference for our customers.”

BGF has strong credentials across the technology sector having backed over 100 fast-growth tech businesses to date, including a number of cybersecurity businesses.

Alex Snodgrass, Investor at BGF, said: “We are proud to have supported Garrison Technology through a seven-year period of growth. During this time, we have supported the business to deliver key milestones, such as establishing itself in the US with a clear plan for further growth. Following this latest investment, Garrison will continue to establish itself as one of the leading providers of cybersecurity services and tools on a global scale. We look forward to continuing our support for the business as a minority investor alongside Everfox.”

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