mynth
← DATABASE
04/2026Minority

Deutsche Beteiligungs (DBAG) invests in Signal Fisher Ex Bug Bountry

SWITZERLAND Software / Data, Analytics & AI REV 1m CHF - 100m CHF

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.

By taking control of Signal Fisher Ex Bug Bountry, Deutsche Beteiligungs continues its expansion strategy. Previously, the group had completed 2 acquisitions, including Hipp Technology Group in 2026.

Signal Fisher Ex Bug Bountry, which reported an EBITDA margin of [members only] in 2026, is valued in this transaction at an EV/EBITDA multiple of [members only].

-> 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.

Ent. Value

[members only]

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (CHF)

Year
Rev
EBITDA
EBIT
2026
CHF 1–100M
[members only]
[members only]
2025
CHF 1–100M
[members only]
[members only]

Other operations with Deutsche Beteiligungs (DBAG)

Other operations with Deutsche Beteiligungs (DBAG)
DateAcquirerTargetCountrySector
06/2026DEUTSCHE BETEILIGUNGS (DBAG)TNL GRUPPEGERMANYEngineering & Consulting
03/2026DEUTSCHE BETEILIGUNGS (DBAG)HIPP TECHNOLOGY GROUPGERMANYImplants & Prosthetics
11/2025FIVE ARROWS / DEUTSCHE BETEILIGUNGS (DBAG)TOTALMOBILEUNITED KINGDOMIndustry-Specific Software
12/2024DEUTSCHE BETEILIGUNGS (DBAG)GREAT LENGTHSITALYHygiene & Beauty Brands
08/2021STIRLING SQUARE CAPITAL / DEUTSCHE BETEILIGUNGS (DBAG)ITELYUMITALYWaste Management

Similar deals in Software

Similar deals in Software
DateAcquirerTargetCountrySector
05/2026POPPULOSOCIABBLEFRANCECollaboration & Productivity
05/2026LEGALPLACELEGALSTARTFRANCEIndustry-Specific Software
04/2026AMADEUSIDEMIA PUBLIC SECURITYFRANCEIndustry-Specific Software
04/2026RELXDOCTRINEFRANCEIndustry-Specific Software
04/2026ADVENT INTERNATIONALTINEXTAITALYIndustry-Specific Software
04/2026IKS HEALTHTRUBRIDGEUNITED STATESHealthcare
04/2026LONG PATH PARTNERSIDOXUNITED KINGDOMIndustry-Specific Software
04/2026ATHOS CONSORTIUM / A.P. MOLLER HOLDINGDOCTOLIBFRANCEHealthcare
04/2026TEAMSYSTEMACDFRANCEERP, HR & Finance
04/2026TURENNE CAPITALKIZEOFRANCEConstruction / Real Estate

REFERENCES

Revenue range: REV 1m CHF - 100m CHF

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Signal Fisher Ex Bug Bountry by Deutsche Beteiligungs (DBAG) 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.

Target: signal fisher ex bug bountry

FAQ

What transaction does this page cover?

This page covers the acquisition of a minority stake in Signal Fisher Ex Bug Bountry, a Swiss company specialised in Data, Analytics & AI, by Deutsche Beteiligungs in 2026.

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized 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.