mynth
04/2026

SUBSET acquired by TRUESEC GROUP

SWEDEN IT Services / Consulting & Integration / Cybersecurity Services REV 1m EUR - 100m EUR

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)

Year
Rev
EBITDA
EBIT
2026
[members only]
[members only]
[members only]
2025
[members only]
[members only]
[members only]

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REFERENCES

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of SUBSET by TRUESEC GROUP 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.

Press release: view release

Acquirer: truesec group