Sweden’s Lyvia has acquired IT Systems and Solution, the Polish cyber security services company.
Founded in 2007, and with around 80 employees, ITSS provides end-to-end cyber security and cloud solutions for large businesses and the public sector, including custom development, IT infrastructure modernisation, and consultancy.
ITSS expects to report revenues of €11.4m for its FY2022, and has been reporting a CAGR (compound annual growth rate) of 24% since 2016.
ITSS’ founders will remain with the company. Co-founder and CEO Daniel Jaworski will remain in post and manage the firm’s growth trajectory, as it expands further in Poland and diversifies internationally.
Lyvia was created in April this year from the merger of two companies in the business-to-business technology and software services sector. It is based in Stockholm and has operations spanning Europe.
With around 1,500 staff, Lyvia has revenues of around €175m.
Oleksandr Fomenko, regional lead at Lyvia's Central and Eastern European arm, said: "ITSS is a large player in a fast-growing industry. It provides comprehensive end-to-end cyber security services as well as IT infrastructure modernisation.
“ITSS covers all the security needs of its clients - systems, applications, networks and full environments - in contrast to its competitors, which usually cover just one segment."
He added: "We are looking to expand our family of entrepreneurs even further in the upcoming months and years."
Lyvia says it is seeking to list on the Nasdaq OMX in Stockholm “within the next 12 to 18 months”. Financial details of the ITSS acquisition are not being disclosed.
