Results International is delighted to announce that it has acted as exclusive financial advisor to the shareholders of MWR InfoSecurity, a cybersecurity company operating globally from its main offices in the UK, the US, South Africa and Singapore, on its sale to F-Secure for a maximum Enterprise Value of £105 million.
This deal further cements Results International’s position as the leading advisor in the European cybersecurity sector and evidences our strong capabilities in delivering high value transactions for disruptive and fast-growth technology services companies.
With close to 400 employees, MWR InfoSecurity is among the largest cybersecurity service providers serving enterprises globally. MWR InfoSecurity has highly skilled experts in offensive techniques who understand the attacker mindset and is well-known in the industry for its technical expertise and research. Its threat hunting platform Countercept provides extensive proactive attack detection and complements F-Secure’s existing strengths. Additionally, F-Secure’s portfolio will be enhanced by MWR InfoSecurity’s suite of managed phishing protection services (phishd).
The acquisition is a significant milestone in the execution of F-Secure’s growth strategy, and makes it the largest European single source of cybersecurity services and detection and response solutions.
The combined company will have hundreds of the world’s best cybersecurity consultants, making F-Secure one of the few truly global technical security advisors positioned to help organizations fight today’s most sophisticated threats.
The transaction is expected to be completed in early July 2018. The initial cash consideration is £80 million, subject to customary cash debt and working capital adjustments. In addition, an earn-out of a maximum of £25 million in cash, will be paid after 18 months of completion subject to the achievement of agreed business targets for the period from 1 July, 2018, until 31 December, 2019. MWR delivered £21.6m Revenue in it’s financial year ending 30 June 2017 and is estimating £27.6m in its financial year ending 30 June 2018.
Ian Shaw, CEO, MWR:
“Results International achieved an excellent valuation from the best partner for MWR. They are a very talented team of corporate finance advisors with an impressive network of contacts across the cyber industry and I would unquestionably recommend them.”
Andrew Last, CFO, MWR:
“Results International provided excellent guidance and support, operated at the highest of standards and drove the process forward with tenacity. The team were instrumental in coupling MWR with the ideal partner for the future and I would recommend them without hesitation.”
Rob Genieser, Partner, ETF Partners:
“The Results team has done a tremendous job. They have been incredibly helpful as advisors to the company, providing excellent advice to both shareholders and management. With their deep experience in the sector, they have been able to add great value, that has resulted in MWR finding the right partner going forward.”