Mercia has previously supported Intechnica through its managed fund, the North West Fund for Venture Capital for four years, before it became a new Emerging Star in April 2017 through an initial investment of £250,000. Existing private investors who participated in the syndicated investment round included Charles Sharland and Tony Bolland, both of whom were key executives behind Appsense, which was sold to US technology company, Landesk, in early 2016.
Intechnica’s origin in 2006 was as a specialist web performance assurance consulting firm, delivering a combination of project and managed service solutions to a growing blue-chip client base. These services included bespoke technology developments for some clients and, based on its experience in delivering these consulting assignments, the company developed a software product, Traffic Defender, a solution that protects high-profile web sites from performance degradation and manages the increasing problem of non-human (robotic) traffic targeting such sites. Traffic Defender is now offered as a SaaS solution with a recurring subscription fee.
The company has continued to grow its consultancy business since Mercia’s investment and has extended its range of service offerings to include technical due diligence for mid-market private equity firms, generating project revenues and ongoing opportunities for both consulting and product sales. The consulting business provides a strong underlying revenue stream but the greater value generation is projected to come from the growth of its Traffic Defender product. The market for botnet detection products is a new and rapidly-developing segment that is expected to grow from $203.2million in 2018 to $1.2billion by 2022, a compound annual growth rate (CAGR) of 42.4%. Intechnica has been cited as a notable player in this market in a recent independent market report.
Intechnica’s management team is led by founder and CEO Jeremy Gidlow, whose background spans the IT sector, having previously worked for highly regarded companies including GSK, Unilever, Sky and Channel 4. His co-founder and CTO, Andy Still, was the former principal developer at marketing business Majestic. The board also includes COO Adrian Moss, formerly product director – digital marketing products at AutoTrader, and two non-executive directors, Professor Mark Hurley and Charles Sharland.
The company has continued to grow its product business and has recruited additional experienced staff, including a general manager for the product division, Nick Baglin, who has held senior commercial roles at Hewlett Packard and CyberArk Software, as well as experienced product management and commercial staff. There is a developing pipeline of high-value opportunities for Traffic Defender in the media, retail and entertainment sectors and the company expects to see strong growth in revenues from these in the near term.