The EIB and Clavister have signed a EUR 20 million financing agreement which will help the company to develop advanced cybersecurity software and hire new computer experts. The agreement was made possible by the European Fund for Strategic Investments (EFSI), the central pillar of the Investment Plan for Europe, launched by the EIB Group and the European Commission to boost the competitiveness of the European economy.
Digitalisation creates new opportunities for the way public institutions and businesses work, interact and communicate. But it also brings new risks: while ransomware attacks have increased by 300% since 2015, the economic impact of cybercrime rose fivefold from 2013 to 2017. 87% of Europeans regard cybercrime as an important challenge to the EU's internal security.
Clavister’s products protect networks from hacker attacks and other digital security threats. The company is one of only three in Europe that feature in the top 20 cybersecurity businesses worldwide and successfully compete in a US-dominated market. In particular, the financing will support Clavister’s growth ambitions. Investing in further product development and innovation are focus areas for staying at the forefront of technology. In addition, the company will substantially expand its sales and marketing presence to successfully take the products to market.
“Securing network and information systems in the EU is essential to keep the online economy running and to ensure prosperity”, said EIB Vice-President Alexander Stubb, responsible for EIB operations in Northern European countries. “I’m proud of our support to innovative companies such as Clavister, as this deal will help foster digital know-how and skilled employment in Europe and make our digital lives safer.”
“We’re extremely pleased to have the EIB as our financing partner to help us attain our main corporate objectives of increased market share and customer satisfaction. The commitment shows not only an investment in our company, but one that grows the field of European cybersecurity in terms of importance and global competitiveness”, stated John Vestberg, President and CEO of Clavister.
The deal with Clavister is special in that it makes use of the new EIB venture debt product, which combines the advantages of a long-term loan with a remuneration model based on the company’s performance. Any such transaction helps to strengthen the borrower’s economic capital. The Investment Plan for Europe allows the EIB to step up investment in highly innovative companies that previously would not have been eligible for EIB financing.
Today, the European Investment Bank (EIB) priced its first ever £50 million digital bond using a combination of private and public blockchains operated and accessed via HSBC Orion – the bank’s tokenisation platform. It follows the recently adopted Luxembourg legal framework tailored to allow for the issuance, transfer and custody of dematerialised securities on distributed ledger technology (DLT) infrastructure.
The EIB Group — which includes the European Investment Bank (EIB) and its subsidiary the European Investment Fund (EIF) — and the European Commission organised a morning of presentations at the Pierre Mendès France conference centre of the French Ministry for the Economy and Finance (Bercy) to launch the InvestEU programme in France and highlight its initial investments in the country. With an EU budget guarantee of €26.2 billion, this investment support programme aims to mobilise financing of more than €372 billion across Europe by 2027. It will support the European Union's strategic priorities such as the European Green Deal, the digital transition and social and general interest projects in education, health and housing. A minimum of 30% of this financing will go to investments to combat climate change or mitigate its effects.
Highly-advanced, specialised machining tools and equipment are essential to improve energy efficiency performance and reduce waste in industrial sectors such as component manufacturing, mining and infrastructure. The development of such solutions is cost-intensive yet necessary to keep technology at the forefront, and thereby secure jobs and the economy. The European Investment Bank (EIB) today announced that it has provided a €500 million loan to the leading machining, mining and rock processing solutions company Sandvik for research and development investments.