European special situations investor Perusa Partners Fund II (Perusa) has sold its majority stake in Swedish Cyber Security firm Coresec Systems to Investcorp and to Investcorp’s portfolio company SecureLink Group NV.
Coresec Systems AB (“Coresec”) is one of Scandinavia’s largest managed cyber security service providers with sales of SEK 850m (EUR 90.5m). Today, Coresec offers integrated cyber security solutions and managed services to corporates and institutions across Northern Europe and the Benelux. With more than 250 employees across seven offices and multiple 24/7-manned Network & Security Operation Centres, Coresec’s security experts provide security advice and hands-on assistance to a demanding client base across Scandinavia and the Netherlands.
Coresec emerged from Perusa’s acquisition of Addpro in 2014. Subsequently, Perusa and the management of Addpro rebuilt the company into a pure play cyber security provider, divested its non-core activities, renamed the company Coresec and acquired several competitors to build both know-how and regional market dominance.
Dr Christian Hollenberg, one of the founders of Perusa, says: “We set out to replicate a business model of IT security services that had already proven successful in the US. Significant changes were required at Coresec to execute this strategy, but we have proven that it works in Europe too and the results have been amazing. It was a very intense time during which we benefitted from a talented and driven management team to implement a long list of change projects in a very short time.”
Johan Andersson, CEO of Coresec, says: “We have successfully built Coresec into a leading cyber security specialist. Together with Perusa we built the solid foundation for further growth: Through future acquisitions we will be able to position us increasingly in the pan-European area.”
