After a successful launch of operations in the Netherlands, Nixu now starts operations 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 of multiple front-end locations in Northern Europe near local clients, who can then be offered Nixu’s holistic portfolio of cybersecurity services.
In this arrangement Nixu Corporation, a focused cybersecurity company, buys 100% of the shares of Europoint Networking AB (“Europoint”) from Europoint AB. Europoint specializes in consulting, auditing and training of Information and IT security and having a revenue of around 1.8 MEUR during its last fiscal year, which was also profitable. The founder of Europoint, Björn Sjöholm, and the team at Europoint will join Nixu’s growing 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. We are very happy to have Björn Sjöholm and his team joining the Nixu family. Together we can grow Europoint’s offering for Swedish clients to cover all the service areas provided by Nixu currently.”
”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 euros 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 euros during the following 2.5 years.