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 LOGIN in 2021, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level around LOGIN lower than the average currently observed in the TMT (Tech, Media, Telecom) sector (12.8x).

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