CWSI raises €21m, acquires Dutch security specialist
CWSI has secured new funding of €21 million, which includes both debt finance and equity investment.
Equity investment has been secured from Castlegate Investments, a private equity and family office firm. A new debt facility from a major Irish bank has also been established. The company also announced the acquitision of Dutch cyber security specialist Blaud.
Blaud will become a wholly owned subsidiary within the CWSI Group. Its 20 employees, including CEO and co-founder Thierry Lammers, have joined the group.
Following the acquisition, which is CWSI’s first on mainland Europe, it forecasts that group revenues will grow to more than €20 million in 2022. The European and UK markets are expected to contribute 75% of the overall revenues.
Blaud provides technical, consulting, support, and managed services to customers across unified endpoint management, mobile threat defence, and enterprise application/software development. It also runs a successful channel partnership programme. Clients include Smurfit Kappa, Amsterdam UMC, the Dutch Department of Waterways and Public Works, and law enforcement organisations.
This latest deal for CWSI follows the acquisition and successful integration of UK-based cyber and cloud security services provider AVR in April 2021.
Ronan Murphy, co-founder and CEO of CWSI (pictured), said: “There is a strong overlap in our solution areas, value propositions and company cultures and both organisations have strong representation in the criminal justice and public health sectors. Bringing the two business together creates one of the largest and most experienced mobile security teams in Europe.
“This exciting new chapter of the CWSI story wouldn’t be possible without the support of our new equity investors and I look forward to repaying their confidence in us as we execute on our buy and build strategy to create a leading pan-European provider of cloud and mobile security solutions.”
CWSI is headquartered in Dublin and provides mobility and security solutions to enterprise and government customers both directly and through partnerships with global telecommunications providers including Telefonica, Telstra and Hutchison Whampoa (Three).
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