SentryBay® Corporation – protecting your identity online

GEP helps New Zealand technology company choose the UK to base its innovative solution to electronic identity theft.

GEP’s support and introductions to key networks assists UK relocation and lays the platform for global growth.

Auckland based Dave Waterson and Marcus Whittington set up SentryBay to address the ever increasing threat of online identity theft and computer virus infection. They have developed a market changing suite of products that protect sensitive data entered into PC and web applications and have achieved early success with a number of major international corporations.

However, they realised that to maintain the highest level of service and expand their market presence across Europe and North America, especially in the financial services sector, the company needed to move from Auckland to a major technology and financial hub.

The scale of the problem and the size of the opportunity

Online identity theft and related internet fraud is one of the most pressing issues facing the worldwide financial services community. Recently published research highlights the issues -

• Some form of spyware can be found on 88% of personal computers and 87% of corporate PCs.

• 86% of U.S. adult Internet users believe that spyware on their computers has caused them to suffer a monetary loss.

• Over 35% of all viruses today are designed to collect confidential data

• Over 80% of individuals surveyed are specifically concerned about someone stealing their online identity and using it to access their online trading accounts.

SentryBay’s product suite addresses these concerns by providing the financial services sector with a way of protecting their on-line applications with no impact on their customers, except greater peace of mind !

Marcus and Dave met with the GEP Australasian team in Auckland in May 2007 and the scope to develop and exploit the global commercial opportunity from a UK base was very clear.

The GEP Team in London and Australasia then worked with them to assist the migration of the business to the UK.

Raising development capital – access to networks

Working closely with Marcus and Dave to refine the strategy, the GEP identified a range of contacts and potential investors. Following a number of visits to the UK and a series of meetings with interested investors, the Directors secured a package of investment from Business Angels and Bank debt. The funding will enable the company to expand its marketing and sales operation by hiring key individuals and accelerate its product development pipeline.

Growing and expanding fast

With the company now established in the UK, key personnel have been hired and marketing initiatives are gathering pace. Current market focus is on the UK and USA, but opportunities are opening up across Europe.

The GEP Team has made introductions to key sector specialists in the provision of accountancy, legal services and intellectual property services.

Global opportunities

The relocation of SentryBay to the UK is of tremendous benefit to all parties – the technology is innovative and market tested and the business has opportunities in a number of market sectors. The benefits to companies, individuals and governments of preventing identity theft are clear and the global implications of this technology provide every stakeholder with a great opportunity.

The relationship between SentryBay and GEP will continue. “We have enabled the company to accelerate its growth strategy by connecting key service providers to the company and accessing all the resources that the company needs. The relationship will continue through into the after-care programme which is equally as important as brokering the right financing deal” commented Stuart Ager, Network Director, GEP London.

Contact – SentryBay Corporation Limited – www.sentrybay.com

www.sentrybay.com