It’s a fragmented industry because there are so many companies doing things. It’s not a blue ocean, it’s a red ocean, a bloody ocean. I can see a lot of consolidation coming.
I’m not worried, though, because I can see Edgescan sitting well in that world, given what we deliver. Good companies with strong revenues and good clients will always be sought after.
Learning from low points
The lowest point for me was the first time we lost a client. You ask yourself, what did I do wrong? In many cases, nothing. Vendors rotate. You can’t always keep a client forever. Historically, we retain clients for a long time and our churn rate is very low – just 3% for the first six months of 2021.
The barriers to growth vary. Organisations often want to stay with local vendors. There’s a level of sensitivity with any cybersecurity vendor and you have to build trust with the client. We handle some very sensitive projects.
There are cultural aspects too – in some cultures you need local talent and a local feel. What gives us an edge is that we’re European. Most competitors are based in the US.
Too young for rocking chairs
In ten years’ time, I’ll be sitting in Connemara on my rocking chair looking out over the Atlantic Ocean. I’m 48 now so maybe a bit young to talk about rocking chairs. The problem is that the fundamental challenges in cybersecurity are 25 years old and we still haven’t solved them.
I could see myself starting other companies. Maybe not in cyber. I’m interested in the green agenda stuff – green energy and sustainable energy. I don’t think this will be the last time I start and grow a company.