Payfont, the Edinburgh-based cybersecurity specialist, has been valued at up to £180 million following a review by an intellectual property (IP) expert.
The figure was produced after the firm, headed by chief executive David Lanc – a former senior executive at Royal Bank of Scotland’s cards business – was audited by Martin Brassell, chief executive of Inngot, a company that specialises in valuing IP.
The figure Brassell placed on its IP was then used to form part of an overall calculation of the valuation of the firm which Payfont said was between £106.7m and £180.3m.
Brassell said: “Payfont’s IP is potentially highly disruptive and it also crosses a number of perceived boundaries in the cyber-security marketplace.”
Ian Paterson Brown, commercial director of Payfont, said: “The valuation is further validation of our product’s capabilities and reflect the fact that these are unique methods of securing identities and data, things the market desperately needs.
“When we started the commercial journey four years ago the whole company was valued at £1m. Today’s value reflects the strength of our intellectual property and its relevance to the identity and data security markets – and all of this has been built for under £2.5m.”
In November, the firm, which has a team of 14 staff and specialises in data security and identity protection technology that can help stem identity theft and data compromise, raised a further £1.2m.