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M&A

SUBSET

Acquired by

TRUESEC GROUP

SWEDEN IT Services REV [1m EUR - 100m EUR] 04/2026

Target

SUBSET

Acquirer

TRUESEC GROUP

Context

The international cybersecurity leader has successfully finalized the acquisition of 100% of the share capital of the target, a specialist in high-assurance software development. This strategic transaction represents a definitive move to incorporate "provably secure" engineering capabilities into the group’s broader service portfolio, targeting the rapidly growing European defense and critical infrastructure markets. The strategic rationale for the move centers on the acquirer’s objective to address the increasing demand for verified software integrity driven by geopolitical instability and increased NATO defense spending. The operation is designed to leverage the target’s unique expertise in cryptography to serve government and public sector organizations entering a long-term investment phase. This integration facilitates the scaling of specialized technical talent, providing the strategic depth required to build resilient sovereign technology platforms. The move solidifies the group’s standing as a primary enabler of cyber resilience across Europe.

This transaction is part of the TMT (Tech, Media, Telecom) industry, which currently tracks an average EBITDA multiple of 13.6x since the beginning of 2026, 3.2% decrease compared to 2025. This data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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

Target

Subset is a highly specialized technology organization dedicated to cybersecurity and the engineering of provably secure software systems. The entity’s business model is centered on a multidisciplinary framework that ensures security requirements are independently verified and certified, catering specifically to sectors with extreme reliability needs. Its value proposition is anchored in technical operational depth within advanced cryptography and high-assurance system engineering. Strategically, the firm focuses on the "security-by-design" paradigm, integrating robust protection protocols from the initial development phase of critical information systems. By maintaining a niche expertise in sovereign defense and national security applications, the organization ensures a mission-critical role in protecting essential infrastructure. The entity prioritizes technical precision and long-term sustainable technology to facilitate the structural resilience of government and public sector digital assets.

Ent. Value

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Equity Value

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Multiples Analysis

EV / Revenue

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EV / EBITDA

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EV / EBIT

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Historical Financials (EUR)

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EBITDA
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2026
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2025
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Other operations with SUBSET

mynth data is contributed by M&A / PE professionals and systematically cross-verified against private deal documents and official releases. All source materials are destroyed post-validation to guarantee data anonymity and compliance.