Blueprint for Success: Lessons from the Garrison-Everfox Acquisition

The hospital corridors were silent, save for the hum of machines keeping patients alive. The silence, however, wasn’t one of peace. Monitors flickered erratically, staff stared at frozen computer screens, and critical patient data vanished into the void. Across London, chaos brewed. Diagnostic labs were paralyzed, surgeries delayed, and lives hung in a fragile balance. It wasn’t a natural disaster causing this havoc, nor was it human error. The culprit was unseen but devastating—a sophisticated ransomware attack targeting the heart of the UK’s healthcare system.

The 2024 cyber attack on Synnovis caused widespread disruption across the UK healthcare system, delaying over 10,000 outpatient appointments and nearly 2,000 elective procedures at major hospitals, including King’s College Hospital and Guy’s and St Thomas’ NHS Foundation Trusts. Emergency response capabilities were severely impacted, with hospitals declaring critical incidents, canceling operations, and diverting patients due to inaccessible diagnostic services.

Operational efficiency suffered as staff reverted to manual processes, while a critical shortage of O-type blood further strained patient care. Financial losses exceeded £32.7 million, driven by operational disruptions and recovery efforts. Compounding the crisis, nearly 400GB of sensitive patient data was leaked, exposing systemic vulnerabilities in NHS cybersecurity and prompting urgent calls for robust security enhancements to mitigate the rising threat of ransomware attacks in the healthcare sector.

This wasn’t the first nor would it be the last cyberattack to cripple critical infrastructure. As organizations scrambled to rebuild and protect their networks, one company stood out, not just for its solutions but for its revolutionary approach to cybersecurity. Enter Garrison Technology—a company born out of a vision to not merely react to threats but to neutralize them before they ever reached their target. Years later, this innovation would play a pivotal role in the Garrison-Everfox acquisition, reshaping the future of enterprise security

Founded in 2014 by cybersecurity experts David Garfield and Henry Harrison, Garrison Technology was designed to deliver nation-state-grade protection to governments and enterprises. Leveraging their experience at BAE Systems, the duo developed groundbreaking tools to defend against the rising tide of cyber threats. At the core of their innovation lies their patented hardware-enforced security, a concept that marries hardware and software to create virtually impenetrable defenses.

The Founding Vision: Redefining Cybersecurity

Source: Garrison Technology

Garrison Technology was born with a bold objective: to provide nation-state-level cybersecurity solutions that could secure critical government operations and enterprise networks alike. Unlike traditional approaches that relied primarily on software-based threat detection, Garfield and Harrison introduced a novel paradigm—hardware-enforced security, or “hardsec.”

This technology integrated specialized hardware with advanced software, creating a multi-layered defense mechanism that outpaced evolving cyber threats. Their vision extended beyond mere protection; they sought to enable safe and efficient digital operations in a world where no click, download, or online transaction could be taken for granted.

Innovations That Defined a Market Leader

Garrison’s breakthrough came with the development of Garrison SAVI, a secure remote browsing solution powered by ARM devices. Unlike conventional tools, SAVI offered robust protection against internet-borne malware, phishing attempts, and ransomware attacks by isolating browsing activity through hardware-based controls.

Building on this success, the company launched Trust Qualified Browsing (TQB), a revolutionary product suite designed to counter nation-state attacks. With its hardware-enforced isolation capabilities, TQB enabled users to access necessary web-based resources without compromising security—an innovation that resonated strongly with governments and enterprises alike.

The company’s client list quickly grew to include prestigious names such as the UK Ministry of Defence and Lloyds Banking Group. In the United States, Garrison expanded its footprint, offering solutions to sensitive sectors requiring the highest assurance levels.

Funding and Growth

The company’s trajectory of success was powered by significant venture capital investments. It raised over £50 million, enabling it to scale operations, refine its technologies, and secure a leading position in the cybersecurity domain.

• March 2017: Secured £12 million in a funding round led by Touchstone Innovations, with contributions from BGF Ventures and angel investors.
• October 2018: Achieved a record $30 million in Series B funding from London-based investors, accelerating the development of national security-grade technology for commercial applications.

By 2024, Garrison had grown into a formidable player, boasting revenues of $23.6 million—a remarkable leap from $8.1 million in 2021. Its success reflected a growing demand for cutting-edge cybersecurity solutions, particularly those integrating innovative hardware components.

Garrison-Everfox Acquisition: A New Chapter in Cybersecurity

In August 2024, Garrison Technology embarked on a transformative new chapter by joining forces with Everfox, a global leader in high-assurance cybersecurity solutions. Formerly known as Forcepoint Federal, Everfox has established itself as a trailblazer in cross-domain, threat protection, and insider risk solutions for governments and regulated industries.

Source: Everfox

This strategic acquisition brought together Garrison’s revolutionary hardsec technology and Everfox’s robust software portfolio to create a comprehensive cybersecurity offering for enterprise customers across critical sectors.

A Shared Vision Driving the Partnership

The acquisition was no coincidence; it stemmed from a shared commitment to delivering defense-grade cybersecurity solutions capable of countering today’s complex and rapidly evolving threat landscape. Speaking about the merger, Sean Berg, CEO of Everfox, highlighted the complementary nature of Garrison’s solutions:

“Garrison’s solutions are highly complementary to our existing portfolio and have immense value for customers. These synergies and our track record of collaboration opened the door for a more permanent partnership. This acquisition reinforces our dedication to securing the world’s most critical organizations and our ongoing commitment to ensuring that the Everfox portfolio is as comprehensive, secure, and impactful as it can be.”

Source: Washington Technology

For David Garfield, co-founder and CEO of Garrison Technology, the merger marked a pivotal step in advancing Garrison’s vision:

“For nearly a decade, we’ve worked to build hardsec security solutions that integrate seamlessly with existing software offerings. By layering our high-end isolation solutions on top of the Everfox portfolio, our customers will stay one step ahead of their adversaries.”

Innovative Solutions for Critical Industries

The integration of Garrison’s field-programmable gate array (FPGA) security technology with Everfox’s cross-domain solutions exemplifies the power of this partnership. Notably, Garrison’s recently launched Trust Qualified Browsing (TQB) solution will now extend its hardware-enforced cybersecurity capabilities to remote web browsing, mitigating risks associated with malicious web code.

This collaboration aligns with global cybersecurity standards like those advocated by the National Institute of Standards and Technology (NIST), which emphasize the layered security benefits of combining hardware reliability with software flexibility. The unified product portfolio positions Everfox to provide nation-state-level security to governments, critical infrastructure organizations, and regulated industries.

Key Stakeholders and Advisors

The acquisition process involved the expertise of several key advisors:

• Financial Advisors:
  • Citi: Served as Everfox’s financial advisor, offering strategic guidance on the deal’s financial aspects.
  • Piper Sandler: Acted as Garrison Technology’s financial advisor, assisting in the negotiation and sale process.
• Legal Advisors:
  • Davis Polk & Wardwell LLP: Provided comprehensive legal counsel to Everfox. Their team, led by partners Darren M. Schweiger, Kara L. Mungovan, Aliza Slansky, and Adam Kaminsky, addressed various legal facets of the acquisition.
  • Fieldfisher LLP: Also supported Everfox with critical legal guidance, ensuring a seamless legal framework for the transaction.

The Acquisition Journey: Insights from the Frontline

In a recent interview with HyperExits.com, Garrison’s Chief Operating Officer (COO), Rob Panman, provided a rare behind-the-scenes look at the company’s acquisition journey—offering a masterclass in preparation, negotiation, and execution.

Since joining Garrison in 2015, Panman has played a pivotal role in scaling the company from a pre-revenue startup with just five employees to a global cybersecurity player with 165 staff across the UK, USA, and Italy, generating £20m+ in revenue. As a key member of the executive team, he steered Garrison from seed funding through to its successful exit to Everfox in 2024, overseeing critical functions across operations, finance, HR, IT, manufacturing, and customer experience. His leadership extended to setting up foreign subsidiaries, managing investor relations, driving security certifications, and ensuring operational efficiency at every level.

Panman’s approach—balancing strategic oversight with operational precision—was crucial in positioning Garrison for sustained growth and a successful sale. Prior to Garrison, he spent over a decade at BAE Systems Applied Intelligence, where he led the Network Intelligence group and held senior roles in project delivery and hardware development, building on his foundation as an electronic engineer.

Drawing on this diverse expertise, Panman’s interview revealed the strategic rigor behind Garrison’s exit. Here are the key takeaways:

1. Laying the Groundwork: The Strategy

Garrison’s path to acquisition was shaped by strategic planning, relationship-driven advocacy, and the guidance of trusted advisors. One of the most significant factors was its ability to influence US government policy, particularly through the “Raise the Bar” program. Panman explained, “We convinced US authorities to adopt a hardware-first approach for cross-domain security.” This accomplishment was the result of years of engagement, demonstrating the product’s superior security capabilities, and data-driven advocacy. By securing this policy shift, Garrison achieved a temporary monopoly in a market worth hundreds of millions annually, highlighting the importance of patience and leveraging trusted relationships to influence key decision-makers.

Strategic hires also played a pivotal role in its success. Kieran Martin, the former director of the UK’s National Cyber Security Centre, joined as an advisor after years of collaboration when he was a client. Impressed by the company’s ability to deliver high-quality solutions, Martin’s credibility and extensive network opened doors, cementing Garrison’s reputation as a trusted partner. 

Furthermore, the company’s leadership understood that cultivating relationships, both internal and external, was key to their success. They fostered a culture of trust, collaboration, and shared purpose, which enabled them to transform ideas into actionable outcomes and position the company for success in both government and commercial markets.

Preparations for acquisition began nearly two years before the deal was finalized. Panman emphasized, “You don’t wait for an acquirer to knock on your door; you prepare your house for a sale.” This involved a thorough internal audit to ensure financial transparency and operational excellence. “We made our books not just clean but glowing,” he quipped, illustrating their efforts to streamline workflows, eliminate redundancies, and implement scalable processes—essential in demonstrating operational resilience to prospective buyers.Shorten with AI

Simultaneously, Garrison’s marketing team worked to strengthen the company’s market positioning. By publishing authoritative white papers and securing keynote slots at prominent conferences, the company amplified its visibility and reinforced its leadership. “We weren’t just marketing a product; we were reinforcing our leadership in the industry,” Panman noted, showcasing their innovative edge.

Garrison also conducted discreet outreach to potential acquirers, balancing the need to generate interest without signaling an intent to sell. Panman observed, “Founders often undervalue attending such events. There’s no clear buying moment, but being part of these communities ensures visibility to potential buyers and fosters long-term relationships.” These carefully curated conversations enabled it to explore synergies with potential acquirers while maintaining its market stability and reputation.

2. The Challenges: Navigating Roadblocks

The path to acquisition for Garrison Technology was not without its hurdles. Among the most significant challenges were valuation discrepancies, and regulatory hurdles. 

Valuation, in particular, was a thorny issue. As Panman explained, “Our initial valuations were met with skepticism by potential buyers.” To overcome this, the company engaged a reputable third-party valuation firm to validate their asking price. The leadership also presented comprehensive market analysis, highlighting the company’s competitive advantages and projected revenue growth. “We had to prove that we were not just worth the valuation but that we were undervalued,” he added, emphasizing the importance of data-driven justification in overcoming initial doubts.

Regulatory hurdles also presented significant challenges, particularly in the highly regulated cybersecurity domain. “Compliance wasn’t a box to check; it was a cornerstone of our business,” Panman stressed. Operating across multiple jurisdictions required Garrison to navigate stringent regulations. The company’s legal and compliance teams were proactive in addressing concerns raised by potential buyers, ensuring that all due diligence processes were thorough and transparent. This approach reassured acquirers and underscored Garrison’s commitment to maintaining high regulatory standards.

In addition to these challenges, the company faced specific market dynamics that added complexity to the deal. Breaking into conservative commercial markets, especially with their flagship product focused on browser isolation, proved to be a tough sell. The commercial market’s cautious approach to adopting new cybersecurity solutions made progress slow. Panman shared, “The biggest success commercially was with Lloyds Bank, which adopted our solution company-wide. However, such wins were rare.” The broader commercial market’s tendency to follow established players left little room for innovative solutions like Garrison’s.

Meanwhile, Garrison found greater receptivity within government markets, particularly for cross-domain solutions where security between networks of varying sensitivities is paramount. However, breaking into the US-dominated government market posed its own set of barriers. “As a UK-based company, overcoming skepticism and navigating complex procurement requirements were significant challenges,” Panman noted. It had to not only prove the efficacy of their solutions but also build credibility in a competitive, government-driven environment, adding another layer of complexity to the acquisition process.

3. Negotiation and Deal Structuring

Garrison’s leadership played a pivotal role in structuring a deal that successfully satisfied all parties involved. Panman emphasized the key aspects of the negotiation process during our conversation, starting with the strategic inclusion of earn-out clauses. These performance-based agreements were designed to address valuation concerns while simultaneously incentivizing the team to meet post-acquisition targets. As Panman explained, “These clauses weren’t just about numbers; they reflected our confidence in our growth trajectory.”

Another critical element of the deal was the retention packages, which were carefully crafted to address the common acquirer concern of potential talent drain. Panman shared that acquirers often worry about losing key personnel post-acquisition, so Garrison devised lucrative bonuses and equity incentives tied to performance. This strategy ensured alignment with the acquirer’s long-term goals, while also safeguarding institutional knowledge that could prove essential for a smooth transition.

In addition to talent retention, the company recognized the strategic value of its intellectual property. To protect this invaluable asset, they insisted on phased knowledge transfer agreements. “We had to ensure that our technology could be seamlessly integrated without losing its edge,” he noted. This approach highlighted the it meticulous strategy to preserve its competitive advantage, ensuring the integrity of its technological innovations while facilitating a smooth integration process.

4. Post-Acquisition Integration

The story didn’t end with the signing of the deal; in fact, the real work began during the integration phase, which was meticulously planned and executed to ensure a seamless transition for all stakeholders. One of the first priorities was onboarding the acquirer’s teams, which involved extensive training sessions designed to familiarize them with Garrison’s technology. Panman emphasized the complexity of the task, noting, “This wasn’t just plug-and-play; we’re talking about enterprise-grade cybersecurity solutions.” These training sessions were specifically tailored to bridge any technical gaps and align the strategic objectives of both parties, laying the foundation for a smooth integration process.

Equally important was the careful management of client transitions. Garrison’s account managers worked closely with the acquiring firm to ensure continuity and maintain trust. “Our focus was on continuity and trust; disruption wasn’t an option,” Panman remarked. To ensure client satisfaction during the handover, proactive communication and personalized outreach were prioritized, helping to solidify relationships and avoid any potential disruption to service.

Beyond the operational aspects, the integration also created new opportunities for joint innovation. Panman concluded by highlighting the forward-thinking nature of the acquisition: “We’re not just continuing our work; we’re amplifying it with greater resources and a shared vision.” 

Role of Key Stakeholders During Acquisition

The Role of Investment Bankers

When Garrison determined the timing was right to explore an acquisition, they engaged a reputable investment banker to formalize the process and manage negotiations. While the banker’s involvement helped in structuring the deal and increasing the offer, much of the value ultimately came from the company’s own strategic positioning and ability to communicate their unique value proposition. “The increase in valuation was largely a result of effective negotiations rather than competitive pressure from other bidders,” Panman noted.

Private Equity’s Role—TPG’s Backing

The involvement of TPG, a leading global private equity firm, was also instrumental in shaping the dynamics of the acquisition. Backing Everfox, TPG provided financial resources and strategic oversight, ensuring that the acquisition aligned with broader growth objectives. TPG’s scrutiny of Garrison’s pipeline, finances, and customer references demonstrated the depth of their due diligence. This rigorous approach not only validated the company’s market position but also assured all parties of the deal’s viability and potential for long-term success.

Key Value Drivers

Monopoly in a Critical Niche

Garrison’s success in influencing policy created a unique market position. By setting new standards in cross-domain solutions, they offered Everfox both a defensive advantage—securing their existing revenues—and an offensive edge to capture new opportunities.

Strategic Fit

Everfox’s existing infrastructure, including a US-based team with top security clearances, made Garrison’s products a perfect complement to their portfolio. The synergies were evident, ensuring that the acquisition was mutually beneficial.

Reputation and Relationships

The company’s strong reputation in the cybersecurity community and its proven track record with high-profile clients like the Ministry of Defence and Lloyds Bank amplified its appeal.

Lessons for Aspiring Sellers

Garrison’s acquisition journey underscores the importance of proactive preparation, strategic alignment, and transparent communication. For startups contemplating an exit, here are the key takeaways:

1. Preparation is Paramount: Begin laying the groundwork well in advance, ensuring financial health and operational efficiency.
2. Timing is Everything: Don’t rush into a sale. Evaluate market conditions, buyer interest, and your business’s readiness.
3. Relationships Matter: Long-term trust and credibility often outweigh flashy marketing when it comes to strategic acquisitions.
4. Be Strategic About Visibility: Participate in the right events and communities to ensure you’re seen by the right people.
5. Know Your Value: Understand the unique strengths your company offers and use them as negotiation levers.
6. Valuation is a Two-Way Street: Be ready to justify your valuation with data, future projections, and third-party validations.
7. Cultural Fit Matters: Beyond numbers, ensure alignment in vision and values with your potential acquirer.
8. Integration is as Crucial as the Deal: A well-planned integration phase can make or break the long-term success of an acquisition.
9. Plan for Complexity: An exit is a marathon, not a sprint. Prepare for the logistical and emotional challenges of balancing operations with deal-making.

Garrison Technology’s journey is a testament to the power of innovation, strategy, and resilience. Their ability to adapt, influence policy, and position themselves as a must-have for their acquirer ensured a dignified and lucrative exit. For business owners contemplating their own exit strategies, Garrison’s story offers invaluable insights: build relationships, create lasting value, and never lose sight of the bigger picture. The road to an exit is rarely straightforward, but Garrison’s journey shows, with the right approach, it can lead to extraordinary outcomes.