Dallas company ups stake in San Antonio’s Globalscape

A private group of Dallas investors has purchased a 15 percent stake in San Antonio-based data security firm Globalscape Inc. for about $12.4 million.

Globalscape Chairman Thomas W. Brown sold 3 million shares for about $11.6 million and director David L. Mann 200,000 shares for $776,000 to a subsidiary of 210 Capital, a Monday filing with the Securities and Exchange Commission shows.

210 Capital — described by Globalscape as “a private investment vehicle representing the personal investments of several Dallas, Texas-based institutional investors” — paid $3.88 for each share, or an 8.7 percent discount to Monday’s closing price of $4.25.

The transactions make 210 Capital the largest shareholder of Globalscape, according to Bloomberg.

“We believe that this investment serves as validation of the business we have built and our prospects for future growth,” Brown said in a statement.

Brown, 73, and Mann, 63, have been selling shares in recent years to diversify their personal financial holdings, Globalscape said in the statement. Brown continues to own 12 percent of the company’s shares, while Mann owns 7 percent.

Brown and Mann “essentially founded Globalscape when they purchased their stock positions in 2002,” President and CEO Matt Goulet said in the statement. “The sale of common stock will help Tom and David accomplish some of their personal financial goals, while allowing us to maintain our industry leadership position and set the course for our long-term strategy as we chart the next phase of growth.”

Globalscape will not receive any proceeds from the sales.

210 Capital previously had held about 281,500 shares of Globalscape stock through open market purchases. Under the latest purchases, 210 Capital has agreed for the next year not to acquire more than 20 percent of Globalscape’s stock or acquire any of its assets. 210 Capital also agreed not to nominate or seek to remove any directors.

Robert Alpert of Dallas is listed as 210 Capital’s registered agent, according to state corporate records. He couldn’t immediately be reached for comment.