Home Database TMT (Tech, Media, Telecom)Cyres Consulting

12/2022Majority

Sesa Group takes majority stake in Cyres Consulting

GERMANY IT Services / Consulting & Integration / Cybersecurity Services EV €0–15M

Context

The transaction involves the majority stake acquisition of CYRES Consulting Services GmbH by Var Group S.p.A. (a subsidiary of SESA), a deal designed to bolster the acquirer’s Digital Security division and scale its specialized automotive cybersecurity capabilities within the DACH region. This industrial partnership is primarily driven by the significant acceleration in digital security demand across the automotive sector, necessitated by the widespread adoption of electrification, vehicle connectivity, and stricter international compliance standards. Structurally, the acquisition provides the acquirer with a specialized engineering-centric team, effectively enlarging its European hub for digital security to 200 skilled professionals. The integration aims to optimize the synergy between IT security infrastructure and the specific, highly regulated needs of automotive manufacturers and their supply chains.

Cyres Consulting, which reported an EBITDA margin of [members only] in 2021, is valued in this transaction at an EV/EBITDA multiple of 5x–12x, representing a discount to the average observed in the TMT (Tech, Media, Telecom) sector (15.2x in 2022).

-> Deep-dive in TMT (Tech, Media, Telecom) market trends

Target

CYRES Consulting Services GmbH is a Munich-based specialized consultancy firm recognized as a technical authority in cybersecurity for the automotive industry. With a primary focus on the complex automotive supply chain, the firm delivers essential technical and compliance-driven advisory services. Its value proposition is built upon navigating the rigorous regulatory environment governing digital security, electric vehicle architecture, and interconnectivity protocols. By providing deep expertise in cybersecurity controls, the company ensures that its clients maintain operational integrity amidst rapid technological evolution. The organization distinguishes itself through its ability to integrate technical consultancy with compliance process organization, effectively acting as a bridge between engineering requirements and regulatory mandates

Ent. Value

€0–15M

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

5x–12x

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2021

2020

Other operations with Sesa Group

Other operations with Sesa Group
Date	Acquirer	Target	Country	Sector
11/2025	SESA GROUP	4IT SOLUTIONS	SWITZERLAND	MSP (Managed Services)
10/2025	SESA GROUP	ALBASOFT	ITALY	ERP, HR & Finance
06/2025	SESA GROUP	VISICON	GERMANY	ERP, HR & Finance
05/2025	SESA GROUP	DELTA TECNOLOGÍAS DE INFORMACIÓN	SPAIN	Cybersecurity Services
03/2025	SESA GROUP	INNOFOUR	NETHERLANDS	Consulting & Integration
10/2024	SESA GROUP	SMART ENGINEERING	GERMANY	Engineering & Design Software

Similar deals in IT Services

Similar deals in IT Services
Date	Acquirer	Target	Country	Sector
02/2023	HLD	INFODIS	FRANCE	Consulting & Integration
02/2023	INVESTCORP	NETROM SOFTWARE	NETHERLANDS	Custom Dev
11/2022	SOPRA STERIA	TOBANIA	BELGIUM	Consulting & Integration
10/2022	LDC	ACORA	UNITED KINGDOM	MSP (Managed Services)
09/2022	KKR	BARRACUDA NETWORKS	UNITED STATES	Cybersecurity Services
08/2022	VINCI ENERGIES	KONTRON	GERMANY	MSP (Managed Services)
05/2022	QINETIQ	AVANTUS FEDERAL	UNITED STATES	Cybersecurity Services
05/2022	THE CARLYLE GROUP	MANTECH INTERNATIONAL CORPORATION	UNITED STATES	Cybersecurity Services
05/2022	PERMIRA	MIMECAST	UNITED STATES	Cybersecurity Services
01/2022	PARTNERS GROUP	ATNORTH	ICELAND	Hosting / Datacenter

REFERENCES

Valuation range: EV €0–15M

Revenue range: €5–25M

EBITDA range: €0–5M

EV/Revenue range: 1x - 3x

EV/EBITDA range: 5x - 12x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Cyres Consulting by Sesa Group are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Acquirer: sesa group

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Cyres Consulting, a German company specialised in Consulting & Integration, by Sesa Group in 2022.

How was the acquisition of Cyres Consulting by Sesa Group valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €0–15M band, its EV/EBITDA multiple within the 5x - 12x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What were Cyres Consulting’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Cyres Consulting generated annual revenue estimated in the €5–25M range and EBITDA in the €0–5M bracket (FY 2021). Detailed financial figures are available to members.

How does the valuation of Cyres Consulting compare to benchmarks in the TMT (Tech, Media, Telecom) sector?

The estimated multiple of 5x - 12x sits below the sector median of 15.2x recorded in 2022, indicating an attractive entry multiple for Sesa Group or reflecting specific complexities. The descriptive comparison is based on 15 transactions with available EV/EBITDA multiples from differences in size, growth, profitability that may affect comparability.

What sources support the information on this transaction?

Data on this transaction was compiled from the official corporate announcement published by the parties, combined with independent reporting from specialized financial and M&A publications.

What is mynth?

mynth is the first free M&A database dedicated to Small & Mid-Cap transactions. We centralize Enterprise Values, revenue multiples, EBITDA multiples and transaction financials that are typically locked behind five-figure subscriptions on platforms like Capital IQ or Mergermarket. On mynth, searching and browsing deals is completely free. Our mission is simple: make professional-grade valuation intelligence accessible to every M&A advisor, independent consultant, Private Equity professional and student, without the burden of expensive annual licenses.