Cyber security services company grows
The European cyber security services company, Nixu Corporation, has staretd local operations in Denmark by acquiring Danish Ezenta, which is specialised in technology based cyber security services. With this acquisition, Nixu achieves a significant foothold in the Danish cyber security market and expands its service offering of continuous services.
Nixu’s vision is to become a go-to-partner in cyber security services for companies headquartered in Northern Europe. This strategy includes opening of multiple front-end locations in Northern Europe near clients, which enables Nixu to offer its holistic portfolio of cyber security services locally.
In this arrangement Nixu Corporation buys 100% of the shares of Ezenta A/S. In 2018, Ezenta’s revenue was MEUR 8.8, profitably growing about 23% compared to the previous fiscal year. The Ezenta founders and team will join Nixu’s growing team of cyber security specialists with Ezenta’s CEO Niels Kemal Onat nominated as Nixu Denmark Market Area Leader.
Ezenta’s capabilities in the managed security services space in combination with their well-developed ability to implement cyber security infrastructure is a unique fit into the existing offering provided by Nixu. As a Managed Detection and Response (MDR) operator, recognised by the research company Gartner, Ezenta’s expertise, especially in the area of intrusion detection and investigation, is highly appreciated. The acquisition will generate a number of additions to Nixu’s as well as to Ezenta’s current and future clients.
By merging the capabilities of the two companies, Nixu will be increasingly capable not only to address clients’ needs in the Danish market but also combine its security services with Ezenta’s equivalent and add Ezenta’s ability to build and support IT Security infrastructure for the entire client enterprise.
Nixu CEO Petri Kairinen, said: “Our aim is to expand near our clients in Northern Europe. Earlier established footholds in Sweden and the Netherlands are stabilising and growing nicely. Now Ezenta joining Nixu is a natural next step to continue on our growth journey and to establish market presence in Denmark. I’m thrilled to welcome Ezenta professionals to the Nixu family.
”Ezenta’s continuous technology based services and expertise in intrusion detection and investigation are easy to combine with our Nixu Cyber Defense Center service, enabling us to provide even better services and more holistic cyber security partnership to our clients.”
Ezenta CEO Niels Kemal Onat, stated: “Nixu and Ezenta share the same passion and both companies are fully focused on cyber security. By combining our strengths and expertise, we can plan for a sustainable growth together in Denmark and at the same time provide our clients with more extensive services and comprehensive partnership.”
The transaction is expected to be completed by the beginning of April 2019. As a purchase price, Nixu will pay a fixed cash settlement of MEUR 5.25 and a directed share issue of 84,950 Nixu shares to the sellers. In addition, there will be an earn-out part of the payment, up to MEUR 2, to be paid in the beginning of year 2020 based on 2019 profitability targets. Nixu will finance the acquisition with cash, own shares and raising a new MEUR 2.5 bank loan.
Nixu will reassess its financial guidance for 2019 after the acquisition is completed.