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.
The European Cyber Security Organisation (ECSO) and the European Investment Advisory Hub, a joint advisory initiative of the European Investment Bank (EIB) Group and the European Commission, announced today their participation in a feasibility study on the design and set-up of a European Cybersecurity Investment Platform (ECIP). The new platform is expected to attract more investment in the European cybersecurity market. The feasibility study will be carried out by the Advisory Hub together with experts from the EIB Group and PricewaterhouseCoopers as a consultant. This public-private collaboration was initiated by the Basque Cybersecurity Centre (BCSC).
The EIB is providing inRiver AB, a Swedish developer of cloud computing based product information management software (PIM), with EUR 8 million in financing to boost the company’s competitiveness in a fast growing market. The transaction comes under the European Growth Finance Facility which benefits from the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe.
The European Investment Bank (EIB) has signed a €15 million financing deal with Dutch cybersecurity company EclecticIQ, a leader in threat intelligence, hunting and response technology and services. The agreement will give EclecticIQ access to the funding it needs to further accelerate the development of its cybersecurity platform and expand internationally in a strategically important and rapidly growing market. The EIB financing is backed by the European Commission through the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe.