Helsinki-based Nixu is buying the cybersecurity business of a Swedish security company Vesper Group. The acquired cybersecurity business unit is focused in hunting and detecting breaches and threats in their clients’ networks as a continuous managed service. This business and client relationships help Nixu to strengthen its market position as one of the largest cybersecurity service providers in the fragmented Swedish market.
Nixu has earlier acquired three companies in Sweden since entering the Swedish market in 2016. The acquired cybersecurity operations reported about €1.6m in revenue in 2018 and are growing fast, it says.
The signed acquisition is expected to have a closing by April 1, 2019, subject to clients’ approval for the transfer of their agreements to Nixu. Nixu will acquire the business for a cash payment of about €1.6m.
Nixu’s strategic vision is to become the number one choice as a trusted cybersecurity partner of digitalization for companies headquartered in Northern Europe and the best place to work for cybersecurity professionals. Nixu aims at building a strong local market presence in Finland, Sweden and the Netherlands, and constantly explores opportunities to expand into new markets in Northern Europe.
“The European cybersecurity market is fragmented and offers growth potential both organically and via acquisitions. Vesper Group selling its cybersecurity business and starting a partnership with Nixu is a clear sign that the market requires special, dedicated expertise, which is a key competitive advantage of Nixu,” said Nixu CEO Petri Kairinen. “We have been successful in building a stable foundation for growth in Sweden. Vesper Group’s team will bring us more volume and also improve our profitability. The newly acquired team combined with our world-class 24/7 Nixu Cyber Defense Center service, will enable us to provide even better and more extensive services to our clients worldwide for detecting and responding to security breaches and threats.”
Nixu has grown fast with double-digit rates for several years. In 2018, Nixu reported €40.1m in revenue and the company employs nearly 400 experts worldwide.