UK cybersecurity VAR acquired for £4.5m
Irish cloud and cybersecurity specialist CWSI acquires AVR International
UK cybersecurity player AVR International has been snapped up by Irish firm CWSI for £4.5m.
The combined entity will boast revenues of £13m in 2021 and 50 employees, managing 500,000 customer endpoints globally, CWSI claims.
The transaction valued AVR International at £4.5m, with the deal also including performance-related elements.
The Dublin-based firm says the acquisition will help build out its existing UK business, which is expected to make up 65 per cent of its annual group revenues post-acquisition.
The deal, which was funded through a combination of cash flow and debt facility, is CWSI's first acquisition and is part of its strategy to become a "leading pan-European provider" of cloud and mobile security solutions.
Based in Berkshire, Proofpoint, SentinelOne, McAfee and Cloudknox partner AVR International offers professional services and technical consulting around cybersecurity and device management products, which CWSI says are complementary to its own services.
AVR's founder Helen Hall and its 12 employees will become part of CWSI Group with immediate effect.
CWSI said it will continue to build the business through organic growth, partnerships and targeted acquisitions.
"We are delighted to become part of the CWSI Group. There is an uncanny match of culture and services between our two organisations. We share skills, knowledge and values that place our employees and customers at the heart of everything we do. Our customers will enjoy direct access to an even wider and deeper team of highly skilled people who will provide each customer with a very proactive and tailored service based on their unique needs," said Hall.
"We're very excited by the growth opportunity that now exists as we also look to introduce new services and collaborate with CWSI's partner community of some of the world's leading technology vendors."
Ronan Murphy, CEO of CWSI said, "This is a hugely significant day for CWSI as we close our first acquisition on our journey to become one of the leading European providers of cloud and mobile security solutions.
"We're thrilled that AVR has joined our group. It complements us perfectly and provides us with a seamless opportunity to scale at pace in the UK and grow a highly successful direct business alongside our growing indirect channel business, whereby we sell through some of the largest tech companies in the UK. AVR's international customer base also allows us to build our footprint across Europe and we will accelerate this through organic growth and further strategic acquisitions."