Durham software firm Intelligence Fusion is set to create new jobs after being snapped up by a fast growing US company in an undisclosed deal.
The software as a service firm, based at the Aykley Heads Business Centre, developed and launched an intelligence data feed platform three years ago. The Intelligence Fusion platform provides a global map, updated in real time, of incidents that could present a potential security risk to a company’s operations, categorised in 11 different overall categories, and 159 different incident types - ranging from combat incidents such as the ongoing war in Ukraine, or terrorist activity such as IEDs and complex attacks, to protests or natural hazards.
Now the firm, which was launched in 2015, is set to receive investment and create new jobs after being acquired by Sigma7, a New York and London based global risk services company. Sigma7 plans to incorporate Intelligence Fusion’s technology into its risk information and services platform by delivering highly sophisticated global risk monitoring, customised to an organisation’s particular threat landscape.
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Michael McCabe, CEO and founder of Intelligence Fusion, said the deal will allow it hire elite talent while giving it access to a greater pool of resources.
He said: “When I founded Intelligence Fusion, it was a new type of tech business in the North East and Finance Durham gave us the financial backing, alongside our other investors, to realise my vision. The company was built primarily using local talent, however, we have recruited staff from around the world, who have come to live and settle in Durham. An exciting part of this acquisition are Sigma7’s plans on investing in the expansion of Intelligence Fusion’s team and capabilities in Durham, as well as expanding our operations into the United States and elsewhere.
“With a rapidly changing global threat landscape, an integrated approach to risk management has never been more important. The combination of the market leading risk information and services companies that Sigma7 has already acquired, along with Intelligence Fusion’s data and technology capabilities, will create a powerful offering, providing tailored, quantifiable insight, resilience and advantage to Sigma7’s existing and expanding global client base.”
Andrew Hersh, CEO of Sigma7, said: “Intelligence Fusion is the crown jewel in threat visualisation and monitoring solutions currently serving several Fortune 100 customers, large city law enforcement, and intelligence communities. We are excited to leverage the platform in existing and new ways to deliver unmatched client value.”
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The deal provides an exit for Maven and the Finance Durham Fund – established by Durham County Council, overseen by Business Durham and administered by Maven Capital Partners, which had invested in the company. Cavu Corporate Finance advised Maven and Intelligence Fusion on the exit, saying it provided a profitable return and was in line with expectations.
Maven led the initial £400,000 investment in 2018 and since then Intelligence Fusion has grown its staff more than tenfold from two to 30. Michael Dickens, investment manager of Maven, added: “We’re delighted to see the talented team at Intelligence Fusion enter the next phase of their growth journey after an extremely successful partnership with Maven.”
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