Exclusive Networks buys €38m-revenue Spanish VAD Ingecom

The deal expands Exclusive’s Ignition Technology arm in EMEA

Exclusive Networks announced today it has signed an agreement to acquire cybersecurity VAD Ingecom.

The deal will accelerate Ignition Technology's expansion in Southern Europe, which Exclusive bought July 2021.

The Euronext Paris-listed distributor said the additional development of Ignition will create further value for Exclusive by continuing to strengthen its dual offering both to established and emerging innovative vendors.

"We are excited to welcome Ingecom's talented and passionate teams into the Exclusive Networks Group within the Ignition organisation," said Exclusive Networks CEO, Jesper Trolle.

"This acquisition is fully in line with our plans to strengthen further our portfolio of emerging cybersecurity innovators and stand as the partner of reference for emerging vendor technologies within EMEA.

"Moreover, Ingecom's management will remain invested in the future growth of the company and be associated to our common success. We look forward to developing synergies together to achieve Ignition's growth ambitions."

What does Ingecom bring?

Founded in 1996, Ingecom, a Spanish value-added distributor, specialises in cybersecurity and cyber intelligence solutions for emerging and disruptive technologies.

The newly acquired group has a headcount of 50 and a network of more than 500 partners.

It operates in Spain, Portugal and Italy and generated revenue of €38m in 2022 with profitability comparable to that of Exclusive Networks.

Under the agreement, Exclusive will acquire 70 per cent of Ingecom, while the remaining stake will be held by the current managers.

Javier Modubar, CEO of Ingecom added: "Joining the Ignition family within Exclusive Networks Group was a natural choice for Ingecom given the strong complementarities and cultural fit.

"We share a passion for cybersecurity and innovation, as well as the same spirit of entrepreneurship.

"While pursuing our activity, this collaboration will allow Ingecom solutions to benefit from Ignition's and Exclusive Networks incontestable expertise and significantly increase our footprint to reach our aspiring growth plan."

The closing of the transaction is expected to be finalised before the end of the year.