Harrier Group Plc, a UK security consultancy and services firm, floated on LondonÆs Alternative Investment Market last week, raising 7.5m pounds ($12.2m). The Reading-based firm will use the cash to fund acquisitions and organic growth to compete with Baltimore Technologies Inc.
Harrier currently makes 35% of its 6m pound ($9.7m) revenue from consultancy, with the bulk coming from reselling hardware and software provided by security vendors such as Check Point, BorderWare, Aventail and IndusRiver. It intends to reach a 50:50 ratio between products and services, and expects to expand its 40 staff to 60 next year and 90 in 2001, with revenue rising next year to 9m pounds ($14.6m) and 15m pounds ($24.3m) in 2001.
Harrier is bullish about competing with major players such as Baltimore and Integralis. Its strength, argues managing director Terry Radford, is its product independence. Whereas BaltimoreÆs consultants sell only its software, Harrier has no technology of its own, and can suggest a wider range of products to its customers.
The company switched from reselling Digital Equipment Corp equipment in 1996, driven by investment from UK entrepreneur Bob Morton, who had previously invested and grown businesses such as Baron Corporation Plc, which sold software for the leisure industry. The companyÆs share prices rose as high as 175 pence ($2.84) from a starting point of 110 pence ($1.79).
