CapMan Buyout agrees Netox stake

Since 2019, Netox has achieved sales growth of 80% per annum.

  • CapMan Buyout has agreed to buy a majority stake
  • The investment in Netox is the sixth from the CapMan Buyout XI fund
  • Netox core business is in cybersecurity, cloud, server and network services

CapMan Buyout has agreed to buy the majority stake in Finnish cybersecurity and IT services provider Netox. Netox founder and CEO Mikko Luhtaniemi, chairman of the board Niko Candelin and other key employees will remain significant shareholders. Netox offers cybersecurity, cloud, server and network services, mostly to SMEs and public sector entities. The company, founded in 2004 and headquartered in Oulu, has since 2019 had sales growth of 80% per annum.

CapMan invests across private equity, real estate and infrastructure. In the private equity sector it looks to make majority investments in Nordic niche market leaders. The company is headquartered in Helsinki and was founded in 1989.

“We are highly impressed by the Netox team, their strong expertise and impressive growth story,” said Pia Kåll, managing partner at CapMan Buyout. “We are excited to get the opportunity to partner with Netox, and together strengthen the company’s ways of working to support the continued high growth expected. As a niche market leader with a winning culture, the company is perfectly aligned with CapMan Buyout’s investment strategy.”

Alongside sales growth, Netox has grown its staff from 74 employees in 2020 to 129 in 2022. It currently serves over 100 customers and both Netox and CapMan see the company as well positioned to accelerate its growth.

“We are very excited about partnering up with CapMan for the next part of our journey,” said Mikko Luhtaniemi, CEO at Netox. “We have grown fast in recent years, but we see this as just the beginning. As we continue to expand, the key for us will be to continuously develop our internal processes and business model in order to always be the most trusted partner for our clients in meeting their IT and cybersecurity needs. Together with CapMan, we’ll be able to take the company to the next level in a sustainable way with a long-term vision.”