Rutherford Cross is delighted to be retained by Cyberhawk to appoint a Finance Business Partner

Founded in 2008, Cyberhawk Innovations Limited (Cyberhawk), is the world leader in delivering drone inspections and asset visualisation software for energy infrastructure. From their headquarters in the Edinburgh, the business operates worldwide in more than 30 countries. They have a rapidly growing wholly owned US subsidiary and in total the group currently employs 74 people including drone pilots, inspection engineers and software developers with plans to grow aggressively both in the UK and US in the coming years.

More recently, Cyberhawk has developed cloud-based, AI-enabled visual asset management software known as iHawk, which uses high resolution imagery to digitise industrial infrastructure assets. From condition monitoring to 3D visualisation to site construction progress, iHawk is already supporting multiple energy multinationals and recently announced a 5 year multi million dollar software contract with Royal Dutch Shell (Shell).

In early 2019, there was a full exit of institutional investors, Scottish Equity Partners and Scottish Investment Bank, as well as the provision of additional growth capital to fund further stages of software development, US expansion and M&A activity. Equity finance was provided by funds managed by BMO Global Asset Management and advised by Magnesium, with debt finance provided by Clydesdale Bank’s Growth Finance Team.

Current revenue stands at c£6.5m with projections this year of £8.5m. The intention is to rapidly grow the business to c£100m valuation during the next 5 years both organically and by acquisition. Although these are ambitious targets, Cyberhawk certainly has the products, customers, management team and financial platform through the latest funding round to succeed.

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