AppCheck Leeds Secures LDC Private Equity Backing for Growth

AppCheck Leeds secures investment from LDC as the 100-person cybersecurity software company targets UK and overseas expansion, with clients including JD Sports, Dr. Martens, and the NHS

Leeds-headquartered cybersecurity software company AppCheck Leeds has secured a minority private equity investment from LDC, part of Lloyds Banking Group, to support its next phase of growth. AppCheck employs more than 100 people and provides dynamic application security testing and vulnerability discovery software used by clients including JD Sports, Mars Group, Dr. Martens, First Group, Access Group, SIG, University of St Andrews, and Age UK. The investment, led from LDC’s Leeds office by partner and head of Yorkshire Dan Smith alongside investment director James Marshall, will support continued organic growth, product innovation, and expansion into overseas markets. LDC’s Yorkshire team has invested £400 million into regional businesses with a combined enterprise value of £1.1 billion over the past decade.

Why This Matters For Leeds

A Leeds cyber security company with LDC private equity backing is a significant tech story for the city. The deal was led entirely from LDC’s Leeds office, with Squire Patton Boggs providing legal advice — the same Leeds law firm that advised on the Ligentia/Asyad acquisition we covered recently. The sector is booming nationally and Leeds is producing companies that compete at enterprise level.

What AppCheck Leeds Does

AppCheck’s software 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 before hackers can exploit them. The company works across financial services, healthcare, retail, higher education, and the public sector. Its newest product, Trust Monitor, continuously identifies, audits, and tracks third-party services, revealing hidden dependencies and potential security risks in real time. CEO Lloyd Devey, who leads the management team alongside sales director Ben Jackson and technical director Graham Bacon, said AppCheck has spent over a decade building expertise in cyber security. He highlighted having LDC based in Leeds as a key factor in choosing them as a growth partner.

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“”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. Having them based here in Leeds means we can work together properly as we move into this next phase.””

— Lloyd Devey, CEO, AppCheck

LDC’s Leeds Pipeline

The AppCheck Leeds deal continues a busy period for LDC’s Yorkshire team. Dan Smith said there is significant activity in the pipeline heading into 2026, describing it as a genuinely exciting time to be investing in Yorkshire. LDC’s regional portfolio includes ARC Building Solutions, UniHomes, and Pagabo Group. AppCheck’s founders Gary O’Leary Steele and Matthew Hawnt will remain as investors alongside the management team and LDC. James Marshall and Dan Smith will join the board as non-executive directors. AppCheck was advised by Steve Hubbard at RSM (corporate finance) and Paul Johnson at Mills and Reeve (legal). LDC was advised by Ben Taylor at KPMG (corporate finance), David Milne at Squire Patton Boggs (legal), and Jonathan Steed at DSW (financial due diligence).