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05/2021

TRUESEC GROUP acquired by IK PARTNERS

SWEDEN IT Services / Consulting & Integration / Cybersecurity Services REV €25–50M

Context

The IK IX Fund has successfully finalized the acquisition of a majority stake in the share capital of the target from its previous institutional owner, alongside a significant reinvestment from the founding management team. This strategic transaction represents a pivotal step in the organization’s evolution, marking the transition from a regional specialist to an international platform contender. The strategic rationale for the move centers on the acquirer’s objective to capitalize on the structural growth of the cybersecurity market and the target’s unique ability to attract high-tier technical talent in a competitive landscape. The partnership is designed to leverage the acquirer’s extensive European network to develop new service capabilities and professionalize the group’s scalability. This integration facilitates the further development of high-value managed security services and incident response forensics, providing the strategic resources required to navigate the increasing complexity of global cyber threats. The move solidifies the group’s standing as a primary enabler of digital resilience.

TRUESEC GROUP, which reported an EBITDA margin of [members only] in 2021, 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).

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

Target

Truesec is a premier technology organization operating as a leading independent provider of end-to-end cybersecurity solutions. The entity’s business model is centered on a multidisciplinary framework that covers the entire security lifecycle, from proactive defense and threat intelligence to mission-critical incident response and digital forensics. Its value proposition is anchored in technical operational depth, leveraging a high-expertise workforce to prevent and mitigate the impact of sophisticated cyberattacks on society and connected infrastructures. Strategically, the firm focuses on the industrialization of "People-First" security protocols, utilizing a deep understanding of hacker methodologies to build resilient digital ecosystems for large-scale enterprise clients. By maintaining a dominant position in the Nordic market, the organization ensures a vital role in protecting both private and public sector assets from global cyber threats. The entity prioritizes talent acquisition and technical excellence to facilitate the rapid internationalization of its specialized capabilities.

Ent. Value

€25–50M

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2021
€25–50M
€5–25M
[members only]
2020
€25–50M
€5–25M
[members only]

Other operations with TRUESEC GROUP

Other operations with TRUESEC GROUP

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
04/2026TRUESEC GROUPSUBSETSWEDENCybersecurity Services
06/2025TRUESEC GROUPBANSHIEDENMARKCybersecurity Services

REFERENCES

Revenue range: €25–50M

EBITDA range: €5–25M

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

Target: truesec group

Acquirer: ik partners