SUBSET acquired by 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.
SUBSET, which reported an EBITDA margin of [members only] in 2026, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average currently observed in the TMT (Tech, Media, Telecom) sector (14.7x).
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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
€1–100M
Equity Value
[members only]
Multiples
EV / Revenue
[members only]
EV / EBITDA
[members only]
EV / EBIT
[members only]
Historical Financials (EUR)
Similar deals in IT Services
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| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 05/2026 | ISATIS CAPITAL | CAPTIVEA | FRANCE | Custom Dev |
| 05/2026 | CINVEN | ONGOING WAREHOUSE | SWEDEN | Infrastructure & Cloud |
| 04/2026 | NORDLO | NETHOUSE | SWEDEN | MSP (Managed Services) |
| 04/2026 | LEGAL & GENERAL L&G / BPIFRANCE | BLUE | FRANCE | MSP (Managed Services) |
| 04/2026 | NORD HOLDING | VISIONMAXX GROUP | GERMANY | MSP (Managed Services) |
| 04/2026 | PROJECT INFORMATICA | SISTEMI HS | ITALY | Consulting & Integration |
| 04/2026 | AGENCE DES PARTICIPATIONS DE L'ETAT (APE) | ATOS ADVANCED COMPUTING | FRANCE | Data & AI Consulting |
| 04/2026 | VECTION TECHNOLOGIES | DXLABS | AUSTRALIA | Custom Dev |
| 03/2026 | SPYROSOFT | MD CONSULTING UND INFORMATIONSDIENSTE | GERMANY | Custom Dev |
| 02/2026 | CPP INVESTMENTS / EQUINIX | ATNORTH | ICELAND | Hosting / Datacenter |
Other operations with TRUESEC GROUP
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 06/2025 | TRUESEC GROUP | BANSHIE | DENMARK | Cybersecurity Services |
| 05/2021 | IK PARTNERS | TRUESEC GROUP | SWEDEN | Cybersecurity Services |
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.
Press release: view release
Acquirer: truesec group