MSSP CWSI raises £17.5m in growth capital and acquires Dutch business

Dublin-based firm makes first acquisition in mainland Europe as it ramps up international expansion

Irish MSSP CWSI has raised £17.5m in growth capital while simultaneously acquiring a mobility and security specialist in the Netherlands.

The Dublin-based company has secured £17.5m through a combination of equity investment and debt finance.

The funding was led by private equity firm Castlegate Investments but also includes a new debt facility from "a major Irish bank", CWSI claims, which will be put towards accelerating its expansion in Europe.

The MSSP has also announced that it has made its first acquisition in mainland Europe in the shape of Dutch mobility and security specialist BLAUD.

Based in Utrecht, in the Netherlands, BLAUD was founded in 2007 and provides professional services, technical consulting and support services. The firm works with vendors including Microsoft, Blackberry, Apple, Samsung, Lookout and Check Point, according to its website.

BLAUD will become a wholly owned subsidiary within the CWSI Group. Its 20 employees, including CEO and co-founder Theirry Lammers will join the enlarged business.

Including the acquisition, CWSI expects group revenues to grow to more than £16.5m this year with the UK and European markets making up 75 per cent of its overall revenues.

CWSI says it intends to bring BLAUD's application development services into the UK and Irish market post-acquisition, while claiming the Dutch firm will also benefit from CWSI's "wide range of technical skills, resources and channel partnerships".

The latest acquisition comes less than a year after CWSI made its first-ever acquisition in the shape of UK cybersecurity firm AVR International for £4.5m.

Founded in 2010, CWSI has been vocal about its strategy to create a leading cybersecurity player in Europe through a buy-and-build strategy. Aside from acquisitions, the firm last year pledged to create 25 new jobs in the UK through a £1m investment of its own funds.

Speaking about the acquisition, CWSI's CEO Ronan Murphy 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."

Lammers added: "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."