- Irish headquartered cyber security specialist CWSI secures €21M in growth capital led by private equity fund Castlegate Investments to accelerate European expansion
- Announces completion of second acquisition in 12 months with completion of Netherlands-based cyber security specialist BLAUD
- Post-acquisition, CWSI forecasts annualised revenues of over €20 million with UK and European markets contributing 75%
Dublin/Utrecht, 7th April 2022 – CWSI, Ireland’s most experienced mobile and cloud security specialist, today announces the acquisition of BLAUD, a mobility and security specialist based in Utrecht, Netherlands. To complete this acquisition and to support ambitious growth plans to become a leading pan-European cloud and mobile security provider, CWSI has secured new funding of €21M, which includes both debt finance and equity investment.
Equity investment has been secured from Castlegate Investments, a private equity and family office firm. A new debt facility from a major Irish bank has also been established.
BLAUD will become a wholly owned subsidiary within the CWSI Group. Its 20 employees, including CEO and co-founder Thierry Lammers, have joined the group.
Following the acquisition, which is CWSI’s first on mainland Europe, it forecasts that group revenues will grow to more than €20M in 2022. The European and UK markets are expected to contribute 75% of the overall revenues.
Servicing both the private and public sectors, BLAUD provides technical, consulting, support, and managed services to customers across Unified Endpoint Management (UEM), Mobile Threat Defence (MTD), and enterprise application/software development. BLAUD has more than 100 direct clients and also runs a successful channel partnership programme. Clients include Smurfit Kappa, Amsterdam UMC, the Dutch Department of Waterways and Public Works, and law enforcement organisations.
CWSI is headquartered in Dublin and provides mobility and security solutions to enterprise and government customers both directly and through partnerships with global telecommunications providers including Telefonica, Telstra and Hutchison Whampoa (Three).
CWSI will extend the market for BLAUD’s application development services into the UK and Ireland. BLAUD’s customers will be able to access CWSI’s wide range of technical skills, resources and channel partnerships, including its dedicated Microsoft Security Practice, backed by its Microsoft Solutions competency and membership of the Microsoft Intelligent Security Association (MISA).
This latest deal for CWSI follows the acquisition and successful integration of UK-based cyber and cloud security services provider AVR in April 2021.
Roy Barrett, CEO of Castlegate Investments, said: “We are pleased to partner with Ronan and his proven management team to enable CWSI to execute on its strategy to build a leading, European cybersecurity business.”
Thierry Lammers, co-founder and CEO of BLAUD, said: “CWSI and BLAUD share the same DNA of enabling organisations and their employees to work productively and securely from anywhere, on any device. I look forward to working with CWSI to continue to find new ways to create value for our customers and solve their security challenges.”
Ronan Murphy, co-founder and CEO of CWSI, said: “I’m delighted to welcome Thierry and the team at BLAUD to the CWSI Group. There is a strong overlap in our solution areas, value propositions and company cultures and both organisations have strong representation in the Criminal Justice and Public Health sectors. Bringing the two business together creates one of the largest and most experienced mobile security teams in Europe.
“This exciting new chapter of the CWSI story wouldn’t be possible without the support of our new equity investors and I look forward to repaying their confidence in us as we execute on our buy and build strategy to create a leading pan-European provider of cloud and mobile security solutions.”