DEUTSCHE BETEILIGUNGS (DBAG) invests in SIGNAL FISHER EX BUG BOUNTRY
Context
The German private equity firm Deutsche Beteiligungs AG (DBAG) signed a minority‑stake acquisition in Bug Bounty Switzerland (now SignalFisher), raising CHF 12 million in a Series A capital increase that is financed exclusively from DBAG’s own balance sheet. The transaction, executed alongside European growth equity investor Direttissima Growth Partners, grants DBAG a long‑term minority position while the founding team retains majority control.\n\nDBAG’s Long‑Term Investment strategy targets high‑growth, profitable technology companies and deliberately avoids leverage, allowing a holding period that exceeds the typical private‑equity horizon. By providing patient capital, DBAG can support BBS as it scales its subscription‑based Cyber Resilience Shield platform, a service‑as‑software solution that delivers continuous, AI‑enhanced security testing without the need for in‑house specialists.\n\nThe cybersecurity testing market is expanding at an estimated 25 % compound annual growth rate, driven by escalating regulatory demands in financial services, defence and critical infrastructure, and by the widening attack surface created by artificial‑intelligence tools. A recent Houlihan Lokey study projects the global market to grow from US$14.7 billion in 2024 to US$43.9 billion by 2029, with 91 % of surveyed enterprises planning to increase cyber‑security spend in 2026.
SIGNAL FISHER EX BUG BOUNTRY, which reported an EBITDA margin of in 2026, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the TMT (Tech, Media, Telecom) sector (14.5x).
-> Deep-dive in TMT (Tech, Media, Telecom) market trends
Target
Founded in 2020 in Lucerne, Signal Fisher (ex Bug Bounty Switzerland) operates a SaaS platform that orchestrates more than 16,000 vetted ethical hackers and AI agents to deliver continuous, scalable security testing for enterprise clients. The Cyber Resilience Shield platform replaces fragmented tools and in‑house specialists by providing automated exposure assessments, vulnerability disclosure programs and regulatory‑compliant reporting. Its client base includes the Swiss National Cyber Security Centre and major organisations in financial services, defence and critical infrastructure. The company transitioned from a project‑based service model to a subscription‑based offering, generating a high proportion of recurring revenue while remaining fully independent – the three founders, Sandro Nafzger, Florian Badertscher and Lukas Heppler, retain majority ownership and have never raised external capital. By combining human expertise with machine intelligence, the platform continuously models each customer’s attack surface, tests it and translates findings into actionable risk assessments. This service‑as‑software approach enables organisations to maintain ongoing protection without expanding internal security teams.
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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.
Target: signal fisher ex bug bountry
Acquirer: deutsche beteiligungs (dbag)