Nixu has acquired the cybersecurity business unit of Swedish competitor Vesper Group in a €1.6m deal.
The investment represents the fourth acquisition of a Swedish company by Nixu since it entered the Swedish market in 2016. Nixu’s acquired cybersecurity operations have reported around €1.6m of revenue for 2018.
Vesper’s cyber unit is focused on detecting breaches and threats in networks as a continuous managed service. The deal is expected to close by the end of April this year.
“The European cybersecurity market is fragmented and offers growth potential both organically and via acquisitions,” said Nixu CEO Petri Kairinen. “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.”
“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, which is listed on the Nasdaq Helsinki, provides cybersecurity services including business digitalization, cloud transformation and compliance & certification services.
Nixu is also believed to be working on a new digital authentication solution to support a national digital identity service in Finland.
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