FINANCE MONTHLY CEO AWARDS 2014 Winner...

NEDKO IVANOV United Kingdom

CEO of BullGuard CEO INSIGHT...

UK-based BullGuard, a provider of subscription based security solutions for PC and mobile, has been through a period of transition in recent years and is now poised for growth. The company develops internet and mobile security products for the home and family user such as award- winning antivirus as well as 24/7 identity protection, social media protection and parental control that work across devices, including PCs, smartphones and tablets.

Currently, BullGuard sells its security products on the High Street and online, to a rapidly expanding customer base of 650,000 with an industry leading renewal rate of more than 70%. Its customer base has seen significant growth in the past year, with e-Commerce particularly strong, at 47% year on year growth in 2014.

CEO Nedko Ivanov has a strong track record in the technology sector, following roles at Teleplan, Cambridge Mechatronics and Nokia/ Vertu. He joined the company in 2011 and over the past three years he has refocused the business and taken it into profit, conducting a thorough cost cutting exercise and installing a reinvigorated senior management team. In 2012, Mike Hodges joined as COO from his previous CTO position at Picsolve International, Cam Le joined as CMO having successfully managed the webcam business at

Logitech and having been Head of Marketing at Palringo and George McDevitt joined in 2013 as CFO from Atex holding previously CFO and VP Finance roles at Level 3 and Oracle.

In 2012, BullGuard reported Operating profit for the first time of £2.4m, compared to a £2.9m loss in the preceding year, on revenues of £12.1m, giving a 20% margin.

With a number of legacy issues now resolved, Ivanov’s focus is on expanding the product portfolio, entering new markets and accelerating the shift to e-Commerce as a key route to market. The company has local sales teams throughout Europe and the US and strong development and support teams in Romania. As a consequence, it is well placed to further develop its core markets in the UK/Ireland, Scandinavia, Western Europe, the US and Australia, making full use of its database of 12 million contactable consumers.

Offline sales also continue to develop, with growing coverage in the US and Canada through major brands like Staples, Fry’s, Micro Center, Office Max, The Source and Shoppers retail stores.

As part of the strategy to expand its product offering, in April 2013 BullGuard acquired NovaShield,

a behavioural security company. The deal gives BullGuard exclusive rights to full use and sub-licensing of NovaShield’s advanced anti-malware technology and has further bolstered its cutting-edge protection to guard against the latest threats.

BullGuard will also leverage this acquisition to refine and improve its anti-malware capabilities by adapting NovaShield’s patented, cutting-edge

behaviour-based

technology, detecting and blocking suspicious processes before they can do any harm and ensuring that a computer is monitored in real time around the clock. Used as a double- walled defence alongside signature- based detection, it provides the most comprehensive protection against modern threats and ensures that both known malware and emerging or mutating strains are prevented from infecting a computer or device.

BullGuard targets the customer who is aware of online security dangers and wants online security “taken care of”, requiring a complete solution, support when things go wrong and guidance through difficult issues. The NovaShield technology further enhances BullGuard’s ability to fully serve the daily needs of its core customer.

BullGuard will continue to seek exciting companies and technologies

to further expand its product offering, based on its proprietary middleware technology, which provides a Plug & Play architecture to integrate cutting-edge third- party solutions. BullGuard’s highly flexible development environment, guarantees fast and easy integration of proprietary and external technologies and services.

CEO Ivanov sees momentum in revenues in the coming years, driven by the strong performance in e-Commerce, the refocusing of the business and the establishment of strong partner programmes. “Making bold decisions fast and making sure they are the right ones are key to carrying out turnaround situations successfully. Inevitably you will upset some people by doing that but this should not put one off. When people see the results they will understand and buy in to your strategy, no matter how tough the road of recovery may appear.

“BullGuard is now a sustainable and highly profitable business, with growing revenue and a strong cash balance. With patented, market leading behavioural detection technology, more than 650,000 paying customers, a global presence and an experienced and committed management team, we are very well placed for further growth,” Ivanov said.

EUROPE

Nedko Ivanov, CEO of BullGuard Website: www.bullguard.com

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