Cybersecurity specialist Integrity360 has acquired UK peer Caretower, which operates from London and Sofia in Bulgaria.
Terms of the transaction were not disclosed.
Caretower had turnover of c.£28m in 2021, and the enlarged enterprise expects revenue to exceed £70m (€84m) in 2022.
In June 2021, August Equity bought into Integrity360 with the aim of expanding the business internationally.
Integrity Communications, the Integrity360 operating company, had turnover of €37.4m in 2020 and booked an operating profit of €2.9m. The company’s gross profit margin was 30%.
In Association with
Prior to the August Equity investment, the company had €11.9m cash in the balance sheet. In 2020, 91% of turnover was sourced in Ireland, and average annual salary for 139 employees was €74,000.
Integrity360 and Caretower share many of the same partnerships with leading cybersecurity equipment and software manufacturers.
Ian Brown, executive chairman at Integrity360, commented: “This is a very exciting transaction for us, and we couldn’t be more delighted to welcome the team from Caretower to Integrity360.
“The enhanced group is now clearly positioned as the leading independent cybersecurity services specialist throughout the UK and Ireland.
“With over 300 employees including 200 cybersecurity engineers, analysts, consultants and specialists, the group provides a one stop shop for business organisations for all their cybersecurity needs.
“Already providing services to over 1,500 customers, the combination of Integrity360 and Caretower positions the group well to provide that partnership for both private and public sector organisations.”
Phydos Neophytou, managing director of Caretower, stated: “Our skills combined with those of Integrity360 will provide a further extension of our professional, support and managed services. Our two companies are highly complementary, with common strengths in cyber infrastructure, endpoint and SIEM technologies.
“Our teams are a great cultural fit, and we are excited to help Integrity360 serve even more customers and provide new opportunities for our own employees to thrive as part of the enlarged group. I will continue to offer my support in a senior management role within the enlarged group.”
Photo: Ian Brown, executive chairman, Integrity 360. (Pic: Shane O'Neill/Coalesce)
