After a successful launch of operations in the Netherlands, cybersecurity specialist Nixu is now opening an office in Sweden by acquiring local specialized IT security company Europoint Networking AB.
Nixu’s vision is to become a go-to-partner in cybersecurity services for companies headquartered in Northern Europe. This strategy includes opening multiple front-end locations in Northern Europe near local clients, who can then be offered a “holistic” portfolio of cybersecurity services.
Nixu Corporation is buying 100% of the shares of Europoint Networking AB (“Europoint”) from Europoint AB. Europoint specializes in consulting, auditing and training of Information and IT security, with a revenue of around €1.8m during its last fiscal year, which was also profitable. The founder of Europoint, Björn Sjöholm, and the team at Europoint will join Nixu’s team of cybersecurity specialists, with Björn Sjöholm nominated as Principal consultant, Head of Swedish market.
Nixu’s CEO Petri Kairinen comments: ”We have been studying the Northern European market widely. After seeing Nixu’s strategy and story work in the Netherlands, we decided that Sweden would be a logical next step in our strategy. We are currently serving many companies having operations both in Sweden and Finland. Europoint made an impression to us as a company, which shares a very similar set-up of highly skilled personnel and tight focus on high-end cybersecurity services.”
”Nixu’s services, strategy and culture are a great fit for Europoint. We have a strong team in place, and our accreditations and approvals as auditors will be useful in a larger context with Nixu. By utilizing Nixu’s existing services, people and structures we can plan for a sustainable growth together in Sweden,” says Björn Sjöholm, managing director of Europoint.
The transaction is expected to be completed by the end of March 2016. As a transaction price, Nixu will pay a fixed cash payment of about €809,000 plus the net cash of the company and a new issue of 50 000 Nixu shares. In addition there will be a retained part of the payment which is based on future revenue and will have a maximum of €572,000 during the following two and a half years