Optiv confirms 'temporary' UK closure and turns attention to M&A
US-based MSSP Optiv has confirmed what it called a "downsizing" of its UK operation, claiming the move is temporary as it turns its attention to M&A.
In a statement Optiv called the move "temporary", insisting that it still has plans to build a presence in Europe and has looked at 40 European businesses to acquire before deciding it "simply couldn't justify the high valuations of these companies".
"After a comprehensive strategic review, we're temporarily downsizing our London-based organic operations," Optiv said.
"We remain committed to serving the European market, clients, partners and prospects," it added, claiming it could acquire "once European valuations right-size".
Optiv's CMO had previously said that the firm looked at acquiring the likes of SecureData and SecureLink, opting against making a bid because it thought the pair were overvalued.
SecureData was bought last year for a multiple of 20 times its EBITDA.
Micky Patel - partner at August Equity, which sold SecureData to Orange - told CRN that the SecureData and SecureLink are not a true reflection of the market as a whole.
"The two businesses that are discussed were amongst the largest independents in those markets and in the case of SecData higher than market organic growth and EBITDA margins which commanded a premium," he said.
"Combine that with being in the cybersecurity market and a trade buyer in Orange that wanted to create a European leader - the valuations were outstanding. I do not believe these multiples are a true reflection in other markets which we see are considerably lower."
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