AFINUM takes majority stake in ERGON
Context
Afinum acquired a significant majority stake in Ergon Informatik from its anchor shareholder and other holders, in a transaction announced in January 2026 and made through its Afinum X fund. Management and a number of the selling shareholders reinvested into a newly formed holding company alongside the fund. It was the second platform investment of that vehicle. At the time of the deal, Ergon served more than 600 clients worldwide and employed over 400 people. The parties set out to scale Airlock, the company’s cybersecurity product, as a software-as-a-service offer, to support clients on cybersecurity and artificial intelligence, and to turn more of its in-house developments into packaged products. PwC Switzerland advised Afinum on financial due diligence.
ERGON, which reported an EBITDA margin of [members only] in 2026, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average currently observed in the TMT (Tech, Media, Telecom) sector (14.6x).
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Target
Ergon Informatik develops software for organisations whose systems cannot afford to fail. It sells its own cybersecurity product, Airlock, which filters traffic to web applications and controls who is allowed to access them, alongside other packaged software it has developed in-house. It also builds bespoke applications for individual clients, designing and engineering them with its own teams. Its customers are banks and insurers, public bodies and companies in other sectors where availability and security are critical, and the company is based in Switzerland.
Ent. Value
€1–100M
Equity Value
[members only]
Multiples
EV / Revenue
[members only]
EV / EBITDA
[members only]
EV / EBIT
[members only]
Historical Financials (EUR)
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Other operations with AFINUM
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 04/2026 | AFINUM | SEQURIO | GERMANY | Cybersecurity Services |
| 02/2026 | AFINUM | P36 | GERMANY | Healthcare |
| 01/2026 | AFINUM | DPS ENGINEERING | GERMANY | Financial Services / Banking |
REFERENCES
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Press release: view release
Target: ergon
Acquirer: afinum