Crypteia Networks’ founder tells e27 his startup had been completely bootstrapped prior to the acquisition
Image credit: Crypteia Networks
In response to the growing sophistication of today’s cyber threats, PCCW Global, the international division of Hong Kong-based telecommunications service provider HKT, announced earlier this week that it has acquired Greek security startup Crypteia Networks for an undisclosed amount.
Crypteia Networks says it offers lightweight, cloud-based, innovative security solutions with its patented technology as traditional firewalls and antivirus solutions lag behind. The company will continue to operate as a separate brand.
“Prior to the acquisition, we were completely bootstrapped from day one from our own pocket money,” said Yiannis Giokas, Co-founder and CEO, Crypteia Networks in an interview with e27. “We had been accepted to SoftLayer’s virtual incubator, the catalyst programme, from which we graduated in 2013… but coming from Greece we were considered as a very risky investment by many.”
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In an official release, the telecoms service provider cited research from IDC estimating the worldwide Threat Intelligence Security Services market will be worth US$1.4 billion by 2018.
“Cyber threats are becoming more targeted,” said Giokas, explaining that employees of corporations often don’t follow company policy on cyber security. “Threats will continue to exist and breaches will continue to happen because the human factor is something we cannot fully control.”
Although Giokas said he could not disclose the amount the telecommunications service provider paid out in the acquisition, he said: “It is an amount that full justifies both our effort and the value we will generate for PCCW Global,” adding that access to new funds means they will be able to further improve their product offering.
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