News
AppCheck partners with LDC to accelerate growth
14 May 2026
AppCheck, a leading cybersecurity software vendor, has secured a minority investment from private equity investor LDC, part of Lloyds Banking Group, to support its organic growth journey.
Headquartered in Leeds, AppCheck provides a best-in-class dynamic application security testing (DAST) and vulnerability discovery solution that helps businesses to detect and resolve cyber security issues before hackers can exploit them. Its product scans web applications, APIs and IT infrastructure for vulnerabilities on live systems – identifying security gaps that traditional tools miss and allowing businesses to fix problems proactively.
AppCheck’s product is trusted by a range of security focussed customers including mid-market businesses and larger enterprises, as well as managed security service providers and cyber consultancies. The business employs more than 100 people and works across multiple sectors including financial services, healthcare, retail, higher education and the public sector, with clients including JD Sports, Mars Group, Access Group, SIG, First Group, Dr. Martens, University of St Andrews and Age UK.
AppCheck has demonstrated strong growth in recent years, driven by increasing demand for its market-leading services. Organisations of all sizes face mounting cyber threats, regulatory requirements, insurance pressures and reputational risk from data breaches – all pushing the need for robust vulnerability detection and protection.
The recent launch of its latest security tool, Trust Monitor, further expands AppCheck’s external scanning capabilities by continuously identifying, auditing and tracking third-party services. It reveals hidden dependencies and potential security risks in real time, strengthening the platform’s ability to provide customers with insight into where risk is being introduced and enabling them to control it.
LDC is backing AppCheck’s existing management team, led by CEO Lloyd Devey and supported by Sales Director Ben Jackson and Technical Director Graham Bacon. The investment will support continued organic growth, ongoing product innovation, the expansion of its proven capabilities in the UK market and increasingly in overseas markets. The business’ founders Gary O’Leary Steele and Matthew Hawnt will remain as investors alongside management and LDC.
The investment was led by Investment Director James Marshall, Partner and Head of Yorkshire Dan Smith and Investment Executive Connie Smith. James and Dan will join the Board as Non-Executive Directors.
Lloyd Devey, CEO of AppCheck, said: “We’ve spent over a decade building real expertise in cybersecurity and understanding what our customers need.”
We are proud to be working with LDC and finding a partner that understands both how to scale software businesses and the cyber security market is important."
Lloyd continues: “Having them based here in Leeds means we can work together properly as we move into this next phase. I’m excited about what we can achieve together.”
James Marshall, Investment Director at LDC, commented: “AppCheck has built a strong position in a growing market. The team demonstrates consistent growth and technical expertise, and their customers clearly value what they’ve delivered. What attracted us is the combination of technical excellence, a clear market opportunity, and experienced leadership under Lloyd and his wider team.”
Dan Smith, Partner and Head of Yorkshire at LDC, added: “It’s a genuinely exciting time to be investing in Yorkshire. AppCheck is exactly the kind of partnership we’re focused on – ambitious, talented teams with real vision. We’ve built strong momentum through the end of 2025 and into 2026, with significant activity in the pipeline, and we’re committed to continuing to back management teams in the region who want to scale.”
In the last decade, the LDC team in Yorkshire has invested £400m into businesses with a combined enterprise value of £1.1bn. This includes partnerships with ARC Building Solutions, the market leading provider of passive fire protection and thermal solutions for the built environment; UniHomes, the industry-leading student accommodation and advertising platform; and the procurement and technology specialist, Pagabo Group.
AppCheck was advised by RSM, led by Steve Hubbard (corporate finance); and Mills & Reeve, led by Paul Johnson (legal).
LDC was advised by KPMG, led by Ben Taylor (corporate finance); Squire Patton Boggs, led by David Milne (legal); and DSW, led by Jonathan Steed (financial due diligence).