ITC wins £1m business funding under EFG


ITC wins £1m business funding under EFG

Warwick Ashford

ITC Global Security has won £1m funding from NatWest under the government-backed Enterprise Finance Guarantee scheme.

The Enterprise Finance Guarantee (EFG) scheme is designed to provide working capital and investment funding to turn sound business propositions into realities despite the current economic climate, said Darren Howard, relationship manager at NatWest.

The funds are allocated for investment in the UK as part of a global development plan of £6.3m over the next three years.

ITC, a specialist information security and advanced networking firm, has identified sources of new business growth in the enterprise security infrastructure market.

Research firm Gartner has forecast this market will grow to over £18bn by 2013 worldwide.

To capitalise on these opportunities, ITC plans to develop its position as a leader in the cloud computing security arena. This includes extending its global capability.

Tom Millar, managing director at ITC, said the funding will enable the firm to begin expanding its UK infrastructure at the core of its operations.

ITC also plans to increase capacity at its Secure Operating Centre in London and continue development of its Security and Event Management (SIEM) infrastructure.

"SIEM is a key high-growth sector, with expected CAGR of 26.8% (appliances) and 12.2% (software), and a combined value of over £1.5 billion by 2013," said Millar.

ITC is to strengthen its position by investing in an additional scalable hardware platform, hosted in a new UK datacentre, he said.

To reinforce global operations, ITC is to open offices in Australia, Canada and Malaysia, which will enable a "follow-the-sun" service model.

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