Archangels’ Investee Company ZoneFox acquired by Fortinet

Leading cyber security software specialist, ZoneFox has been sold by its shareholders

Jamie Graves, ZoneFox CEO and Niki McKenzie, Archangels Investment Director

Leading cyber security software specialist, ZoneFox, has been sold by its shareholders – including Scottish business angel investment syndicates, Archangels and TriCap, Scottish Investment Bank and Napier University – to US-based Fortinet.

ZoneFox was established in 2010 and focuses on providing world-class security systems that effectively combat the growing issue of insider threats by reducing the risk of data theft, leakage and misuse to organisations across the globe. Its customers include healthcare firm, Craneware, Zenith Bank, Rockstar Games, Bede Gaming, Pinsent Masons and Virgin Care.  The company employs 25 people at its offices in Edinburgh. ZoneFox was a spin-out company from Edinburgh Napier University.

Fortinet (NASDAQ: FTNT) secures the largest enterprise, service provider and government organisations around the world and ranks #1 in the most security appliances shipped worldwide, with more than 360,000 customers trusting Fortinet to protect their businesses.

The integration of ZoneFox’s award-winning machine learning-based threat-hunting technology will complement FortiClient endpoint security to provide endpoint detection and response (EDR) capabilities and will extend FortiSIEM with additional user entity behaviour analytics (UEBA) features, both on-premises and in the cloud. Fortinet expects that the new endpoint security capabilities provided by ZoneFox will allow enterprise organisations to better leverage machine learning to detect anomalous behaviour and provide an even faster response to insider threats.

Niki McKenzie, Investment Director at Archangels, said: 

“ZoneFox is a Scottish technology success story around the world and Archangels is proud to have supported the business and the management team from an early stage. The threat from cyber security has never been more acute and today’s announcement signals the next chapter in the ZoneFox story, enabling the team to provide protection and support to an even wider range of organisations. We are confident that the business, and its staff, will flourish as part of Fortinet.”

Kerry Sharp, Head of the Scottish Investment Bank said:  

“ZoneFox is an excellent example of an innovative Scottish technology business that’s had a clear vision from the outset on how to develop, deliver and commercialise first class cybersecurity products for businesses globally. Scottish Enterprise, through the Scottish Investment Bank, is delighted to have supported the Company and management from an early stage.”

Dr Jamie Graves, CEO at ZoneFox said: 

“We’re pleased to join the Fortinet team and bring together our shared vision of alleviating CISO concerns about insider threats. Integrating our solution with the Fortinet Security Fabric will allow us to extend our reach to a broad spectrum of Fortinet and third-party solutions to solve customers’ most difficult challenges in network security. The acquisition encompasses both our technology and entire team – which will enable our employees to thrive as part of the Fortinet family, whilst accelerating the route to global markets for our cutting edge UEBA Technology. This is the start of a new chapter which will see our organisation go from strength to strength in the security ecosystem we will access to as part of the Fortinet Family. We will remain focused on building cutting edge security products that enable Sec-Ops teams to mitigate the risk of the Insider Threat by helping them to make rapid decisions and respond to security incidents relating to human behaviour and data flow across their organisations and supply chains. ZoneFox will always have its roots in Scotland and will remain part of the local Scottish Security community to access and develop talent. I would like to thank everyone who has supported us on the journey so far; Scottish Enterprise, Edinburgh Napier University, our seed investors, Archangels and TriCap, mentors, customers, colleagues, friends, and family.”


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