lr SureDatum CEO Gordon Jenkinson with Andrew Tobin, CEO of Stryve, on the signing of the acquisition agreement, pictured at the Cyber Security Technology Center in Carlow
A FAST-expanding Carlow cyber security firm has bought a majority stake in an Irish fintech company.
Stryve bought the stake in SureDatum as part of its aim to dominate the private cloud security service in Europe.
SureDatum spent five years and more than €1m developing its code-free digital transformation platform ‘SureHub’. SureDatum is a key supplier to AIB Merchant Services’ credit card processing, one of the early adopters of SureHub technology.
Stryve, based in Wexford Road Business Park, is currently on track to exceed €10m in turnover this year and grow its team to over 100 people. Stryve offers ground-breaking private cloud security to small and medium-sized businesses, authorities and private enterprises in 20 EU countries. After opening the first EU sales office in Poland in 2021 and investing €1 million in an expansion in the UK in 2022, the acquisition of SureDatum gives Stryve a solid foothold in the fintech industry.
Stryve CEO Andrew Tobin said: “It is a pleasure to announce the acquisition of SureDatum. The partnership with SureDatum opens up the fintech sector for Stryve. SureDatum boasts an impressive global enterprise client base and we see ‘no-code’ apps for rapid processing that the future. There is a natural connection between fintech and private cloud security and a great potential for development within the financial industry. We look forward to a rewarding future together.”
SureDatum was established by CEO Gordon Jenkinson in 2018. He has invested over €1 million in developing the no-code/low-code framework and draws on more than 20 years of experience in the Irish fintech sector. SureDatum has helped companies such as Eir, the Royal Bank of Scotland, the Irish Aviation Authority and a number of local authorities to save money and resources with its automation and compliance tool.
Speaking about the acquisition, Gordon Jenkinson, who will remain in the role of chief executive, said: “We have a lot of financial services expertise in onboarding and customer service. With our platform, we can add serious value to these types of customers because of our background in financial services .Our SureHub platform provides the secure foundation that legacy business systems lack, allowing businesses to continue with their core systems while automating and integrating securely using SureHub, without the need for risky system overhauls or rewrites.
“Becoming part of the Stryve Group gives us a springboard to grow the business. We are at a critical stage. We have operated for five years with a modest turnover, and put everything back into developing our framework. The key for us now is to take it to the next step. This immediately makes us a mature company rather than a new start-up. We can now go to larger organizations with the support of the Stryve group behind us.”
