Grant Thornton advises SecurEnvoy Ltd SecurEnvoy has been sold to Shearwater Group

May 2017
Shearwater Group
Adviser to SecurEnvoy on their sale and reverse takeover by Shearwater Group
£20 million
Grant Thornton team
Sell side
Corporate finance
Flag of the United Kingdom

We are delighted to have advised SecurEnvoy on their sale to Shearwater Group.

Creators of Tokenless® Multi Factor Authentication (MFA), SecurEnvoy was founded in 2003 by Andrew Kemshall and Stephen Watts. Following a successful period at one of the world’s leading cyber security companies the founders were ideally placed to create and launch a pioneering SMS-based MFA product for enterprise clients.

Innovation is at the core of SecurEnvoy’s business with the patented pre-load technology providing a clear differentiator in the marketplace. Recent developments include a mobile app utilising Push technology. In addition, the business has developed a number of complementary patented products with SecurMail providing unique MFA based email security.

With widespread industry recognition, the business has grown a substantial customer base of over 1000 end users, including many UK and international blue-chip companies.

With an established MFA product range, a track record of innovation and diverse user base and international footprint, the founders began to plan for the next phase of the business’ development and sought to realise an element of value from their investment over the previous 15 years. We were engaged with the business and the founders to advise on achieving these strategic objectives.

The acquisition by Shearwater Group (which is a reverse takeover under AIM rules), with its focus on digital resilience solutions to UK-based private and public sector organisations, provides an excellent strategic fit to fulfil the growth ambitions of the business and the founders. The £20 million transaction value will see Shearwater Group plc purchase 100% of the share capital of the business with the founders staying on to manage day-to-day operations, meaning that customers and staff will have continuity through the business’ next phase of growth.

We supported the shareholders throughout the sale process to its successful conclusion.


“We are delighted with the outcome and enthusiastic at the prospect of working with Shearwater Group whilst growing the SecurEnvoy brand. Grant Thornton did a fantastic job throughout the process. They provided full support throughout the deal and, along with their technical expertise, the team were always on hand to provide advice and drive the deal forward."

Andrew Kemshall Technical Director and Co-Founder SecurEnvoy Limited

“We are delighted to have advised Andy, Steve and the team in delivering a transaction which achieves the dual objectives of realising value for their investment to date and finding a long-term partner to grow the SecurEnvoy business going forward. The combination with Shearwater creates an exciting platform for future growth.”

Andy Morgan Partner and Head of TMT, Grant Thornton