Investcorp has completed the sale of a majority stake in leading Italian cybersecurity provider HWG Sababa by Investcorp Technology Partners Fund V and certain other investors, to an oversubscribed €240m single-asset continuation fund managed by Investcorp.
The sale, in which ITP V sold the entirety of its interest in the company, marks the first exit by ITP V, an oversubscribed $570M fund managed by Investcorp and closed in 2024.
The Fund, which closed in June 2025, is managed by Investcorp and is anchored by commitments from funds advised by Hayfin Capital Management and Coller Capital. It includes participation from certain investors in ITP V, from Investcorp Technology Partners employees and from new investors, including Hayfin and Coller, among others.
Members of the company management team will continue to hold a significant stake, alongside the Fund.
The transaction provided existing investors in ITP V with the opportunity to realise strong returns on their investment in the Company and gives the fund and its investors the opportunity to back a high-performing asset with significant potential for further value creation.
Having supported the Company since ITP V’s investment in 2022, Investcorp, alongside the fund, will continue to support and actively contribute to the company in its next phase of growth, which includes further development of existing solutions, with a strong focus on Operational Technology, investment in technology & innovation and internationalisation of the firm primarily in Europe and the Middle East, organically and through acquisitions.
Founded in 2008 and headquartered in Verona, Italy, the company is a leading independent provider of end-to-end cybersecurity solutions in Southern Europe, with strong expertise in security operations centre solutions for IT, IoT and OT environments. It serves mid-sized enterprises across sectors, including critical infrastructure, energy, finance, manufacturing and more.
Since acquiring the business in 2022, ITP V collaborated with the management team to drive growth organically and through acquisitions, growing revenue sixfold and completing four add-on acquisitions, including the acquisition of Sababa Security. in 2023.
Following the completion of the sale by ITP V, ITP V continues to hold investments in VEDA (Germany), Unyfr (USA) and NetRom (the Netherlands).
