Integrity360 acquires Caretower to create £70m-revenue cybersecurity specialist
Deal marks first acquisition by Integrity360 after securing financial backing from August Equity last year
Integrity360 has acquired cybersecurity MSP Caretower, creating a £70m-revenue business across the UK and Ireland.
Founded in 1998 and based in London, Caretower offers managed security services, penetration testing, security consultancy and managed incident response services, working with an array of vendors including Microsoft, Sophos, Kaspersky, Check Point, Forcepoint, Barracuda Networks among others.
The business generated sales of around £28m in 2021 and has offices in London and Sofia, Bulgaria.
Dublin-based Check Point, F5 and Forcepoint partner Integrity360 claims that the acquisition will bring its group revenues to £70m in 2022 and boost its headcount to more than 300 employees including 200 cybersecurity engineers, analysts, consultants and specialists.
All of Caretower's employees will remain with the group.
The cybersecurity outfits share many of the same vendor partners and are "well known for their deep cyber expertise and customer service ethos", Integrity360 claims.
The deal marks Integrity360's first acquisition since it was itself acquired by August Equity in June last year.
Integrity360 said the private equity investment will kickstart an aggressive M&A strategy across Europe.
Soon after the August Equity deal was announced, Integrity360's executive chairman Ian Brown told CRN that he expects the business to reach €200m in revenues over the coming years through a combination of organic growth and M&A.
In an statement announcing the Caretower acquisition, Brown said: "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."
"Already providing services to over 1500 customers, the combination of Integrity360 and Caretower positions the group well to provide that partnership for both private and public sector organisations."
Caretower managing director Phydos Neophytou added: "Our skills combined with those of Integrity360 will provide a further extension of our professional support and managed services. This is great news for employees, customers, and partners. Our two companies are highly complementary, with common strengths in cyber infrastructure, endpoint and SIEM technologies.
"Together with Integrity360, we will create stronger solutions for our customers. 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."