Investcorp has agreed to acquire Coresec Systems, a Scandinavian cybersecurity service provider. No financial terms were disclosed.
Investcorp, a global provider and manager of alternative investment products, together with its portfolio company SecureLink Group NV (“SecureLink”), today announces an agreement to acquire one of Scandinavia’s largest managed cyber security service providers, Coresec Systems AB (“Coresec” or the “Company”).
Established in 2003, Coresec offers integrated cyber security solutions and managed services to corporates and institutions. With more than 250 employees across seven offices and multiple 24/7 manned Network & Security Operation Centres, Coresec’s security experts provide relevant security advice and hands-on assistance to its diverse client base across Scandinavia and the Netherlands.
Carsten Hagenbucher, Managing Director in Investcorp’s Corporate Investment team in London, said: “A key pillar in our investment thesis when acquiring SecureLink in December 2015 centred on the vision of creating a pan-European cyber security specialist. Through the acquisition of Coresec and with combined revenues of €200 million, we believe we have taken a significant step forward in implementing such a vision. Both companies share the same DNA and we look forward to partnering with the now expanded management team to implement an accelerated growth strategy, both organically and through continued add-on activity”.
Marco Barkmeijer, Chief Executive Officer, SecureLink, added: “For me, it is a dream come true. We have known Coresec for years, have great chemistry with their team and share the same outlook on the cyber security market. The combined group enables us to further optimize our service offering to our clients and to deepen our relationships with our vendor partners. I have great admiration for Coresec’s CEO, Johan Andersson, and look forward to working with him and his team to leverage SecureLink and Coresec’s respective strengths as we continue our European growth.”
Over the last twelve months, Investcorp’s European Corporate Investment team has witnessed its most active investment period in the firm’s 30 year history, having signed four new deals and successfully exiting eight European portfolio companies. Specifically, Coresec marks Investcorp’s second acquisition in Scandinavia in less than a year, having previously acquired Swedish POC, a revolutionary manufacturer of skiing and cycling helmets, gear and accessories. Just last week, Investcorp announced its investment in Corneliani, the leading luxury menswear brand in Italy. Recent exits include the sale of assessment provider GL Education, the initial public offering of Asiakastieto on Nasdaq Helsinki, the sale of Icopal to Standard Industries, the sale of N&W to Lone Star Funds, the full sale of Skrill Group to Optimal Payments (now renamed Paysafe Group plc), the IPO of Sophos Group plc on the London Stock Exchange and the complete exit of a minority stake Autodistribution.