Precursor Technology Group, a prominent cybersecurity firm based in Newcastle, has secured an investment from NEL Fund Managers, supported by the European Regional Development Fund.
According to bdaily, this investment marks a strategic move to expand its operations across the UK, with existing bases in Leeds and London.
The company specialises in providing a comprehensive range of cybersecurity services, including cloud security, security testing, incident response, and penetration testing. Precursor Technology Group operates a dedicated operations centre in the region, which plays a crucial role in its service delivery.
The fresh capital infusion is earmarked for several critical growth initiatives. Notably, the company plans to expand its workforce in the North East, aiming to increase its team by eight members, which would bring the total number of employees in the region to 18. This move is part of a broader strategy to enter the next phase of expansion and enhance its market footprint significantly.
Additionally, the investment will facilitate the acquisition of new detection and monitoring equipment, further bolstering Precursor’s capabilities in cybersecurity. This technological upgrade is expected to enhance the firm’s service offerings and response efficiency to cybersecurity threats.
Scott Cardow, chief executive of Precursor Technology Group, expressed enthusiasm about the company’s progress and future plans. “The talent pool available in the North East was one of the drivers in choosing Newcastle as the location for our second base, and we’re extremely pleased with the progress we’ve made so far. NEL’s longstanding reputation in the North East and the flexible investment options it offered made working with them the right choice. We’re ready to move into the next phase of our North East expansion,” he said.
The funding round also saw contributions from North East entrepreneur and tech investor Neil Stephenson and his business partner Stuart Bramley. Neil Stephenson has also agreed to take on the role of group chair, providing strategic leadership as the company moves forward.
Jane Siddle, senior investment executive at NEL Fund Managers, commented on the investment, saying, “Precursor has made a strong commitment to the North East that is resulting in significant job creation and investment. We’re very pleased to be part of their continuing success story.”
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