Maven VCTs’ 3x exit of CYSIAM, cybersecurity provider to the UK defence and public sectors
In May 2026, Maven completed its exit from globally recognised cybersecurity provider CYSIAM. The sale generated a 3x return for the Maven VCTs. Past performance is not a guide to the future.
Staffed by ex-government, law enforcement and military intelligence experts, CYSIAM provides high-end cybersecurity consultancy to government bodies in charge of national security and defence. It also provides managed services (e.g. 24/7 risk detection, rapid response and remediation) to both public and private sector organisations, including the Big Four accounting firms.
The Maven VCTs were CYSIAM’s first external backer, investing £1.5 million in 2021, two years after the company’s launch. Over the investment period, CYSIAM has significantly scaled its team, enhanced its operational infrastructure, built key strategic partnerships with the likes of NASDAQ-listed CrowdStrike, broadened its service offering through the launch of a 24/7 managed detection and response capability – and achieved revenue growth of c.380%.
The transaction adds to Maven’s track record in the cybersecurity sector: the VCTs previously realised their investments in Quorum Cyber and Symphonic Software for a 6.5x and 2.9x return respectively.
Important: The information on this website is for experienced investors. It is not advice nor a research or personal recommendation to invest. If you’re unsure, please seek advice. VCT investments are high risk and you could lose the money you invest.
The successful sale of CYSIAM marks the culmination of a value creation programme focused on building scale, enhancing service capability and strengthening the foundations of the business. The outcome represents a positive result for Maven’s VCTs and reflects the progress made by CYSIAM since Maven’s initial backing.
What does CYSIAM do?
CYSIAM is a cybersecurity consultancy. It offers strategic advice on long-term cyber resilience, as well as a 24/7 rapid response capability to quickly identify, contain and recover from cyber-attacks. Its clients range from central government, defence, national security and public sector services to high-profile private sector companies.
To help client organisations stay ahead of evolving threats, protect critical assets and maintain operational integrity, CYSIAM has created its own Cyber Threat Intelligence (CTI) platform. This analyses data collected in partnership with over 700 global Incident Response teams defending against cyber-attacks, including hostile state-sponsored threats.
The company considers its team to be at the cutting edge of technical cyber expertise, bringing decades of experience in central government, military intelligence and law enforcement. The wider team also supports organisations in meeting regulatory and reporting obligations during and after incidents, to ensure a comprehensive and professional response throughout.
CYSIAM's key strengths would be industry experience and technical skills; across the board the CYSIAM team is really powerful in those areas.
Why did the Maven VCTs invest?
Maven Capital Partners manages the four Maven Income & Growth VCTs, and also funds for the British Business Bank and the Scottish Government. A highly regarded fund manager, Maven has a nationwide network of offices, enabling it to invest regionally as well as in London and the South East.
The Maven VCTs co-invest alongside each other, targeting companies in sectors the manager considers defensive – such as cybersecurity, software, data analytics, fintech and specialist engineering. Maven considers these sectors to be relatively insulated from changes in discretionary consumer spending.
The companies should be typically generating over £1 million in revenue and available at an attractive valuation. They must also have robust growth prospects and be led by proven management teams.
CYSIAM fitted this remit well. At the point of investment, Maven considered CYSIAM had “demonstrated tremendous capability in an exciting marketplace”. With a world-class management team, the company already had a solid reputation in the sector – and an impressive portfolio of clients, including government bodies and the Big Four consultancy firms.
How might you invest in similar companies?
The Maven VCTs are currently closed, but plan to launch the next offer this Autumn – you can register your interest to hear as soon as the offer opens.
The Maven VCTs give investors exposure to a well-diversified portfolio of over 130 private and AIM-quoted companies in defensive or counter-cyclical sectors with recurring or contractual revenue.
The VCTs target an annual dividend yield of 6% of NAV – dividends are variable and not guaranteed. Over the five years to 30 June 2026, the VCTs produced NAV total returns (including dividends) ranging from -1.3% to 10.1%. Past performance is not a guide to the future.
See performance of Maven VCTs
NAV and cumulative dividends per share (p)
Source: Morningstar. Past performance is no guide to the future. Dividends are variable and not guaranteed. The bar chart shows net asset value and cumulative dividends per share for the period 31/12/2020 – 30/06/2026.
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Alex Davies
Chief Executive
Alex was a board director at Hargreaves Lansdown, where he worked for 15 years. He was responsible for building Hargreaves Lansdown into the biggest direct-to-consumer SIPP provider in the UK with more than 150,000 clients and over £12 billion under management. He is a keen investor with a portfolio of shares, funds, student property, EIS and VCT investments.