Bifogade filer
CYBER1 increases ownership of Cyber Security Africa Distribution Africa and Cyber Security South Africa to 100%
Prenumeration
Beskrivning
| Land | Sverige |
|---|---|
| Lista | First North Stockholm |
| Sektor | Informationsteknik |
| Industri | Programvara |
Stockholm, Sweden– 30th September 2022 – Cyber Security 1 AB (Publ) (the “Company” or “CYBER1”) (Nasdaq First North: CYB1), an international leader in Cyber Security services today announces the completion of acquisitions CSSA and CSAD. The company has increased its ownership in both entities to 100%.
- CYBER1 acquires additional 50% Cyber Security Africa Distribution (“CSAD”) and 25% of Cyber Security South Africa (“CSSA”).
- Upon closing of the transactions, CYBER1 holds 100% of CSAD and 100% of CSSA.
- Combined CSSA and CSAD gross revenues in 2021 were €11.4m
- Total consideration payable for 50% of CSAD and 25% of CSSA on a debt free basis equates to €2.172m, including full release of seller’s claims on the target companies
- Both transactions are on a full cash basis
CSSA and CSAD have built strongly upon their 2020 performance, recording combined gross revenue of €11.4m in 2021.
The total consideration payable on a debt free basis by CYBER1 for the captioned transactions is €2.172m as below:
CSAD: appr. €1.35m in total (including seller’s claims release), with €937k payable at closing on 10 October 2022 and the residual appr. €413k payable under an instalment plan with final due date on 28 February 2023.
CSSA: appr. €822k in total (including seller’s claims release), with €312.5k payable at closing on 10 October 2022 and the residual appr. €509.5k payable under an instalment plan with final due date on 28 February 2023.
Cyber Security Africa Distribution (CSAD) is an industry-leading value-added Distributor with a single-minded focus – the mitigation of information security risk for their clients. The company focusses their attention on niche, generally complex and certainly relevant security solutions, aimed predominantly at enterprise and mid-market clients. CSAD provides services to the continent of Africa, ensuring invaluable local market knowledge and on-the-ground response. CSAD has presences in South Africa, Kenya, Nigeria, Ghana, Morocco, Egypt and Mauritius.
Cyber Security South-Africa (CSSA) is an industry-leading, value-added, Cyber Security Technology Distributor, backed by globally recognised international vendors. The company offers a comprehensive list of solutions, aimed at mitigating information security risk – working through trusted local channel partners. The consultative approach of firstly assessing the current Security Posture and level of maturity, ensures they understand the strategic vision and long-term goals of the end-user. Over the years, the team has built strong relationships at both the end user and partner level, which creates a significant advantage compared to the traditional distribution model that is apparent within South-Africa.
Johan Bolsenbroek, Chairman of CYBER1 commented – “The Board of Directors have continued to be impressed by both CSSA and CSAD and their in-depth knowledge of the cybersecurity landscape in their respective regions. Both the Managing Directors and wider staff have shown a strong desire for collaboration, which has been demonstrated in the future growth strategy we have been embarking on. I am confident that in the near-term, further increased market share and deeper relationships with the leading vendor solutions across the globe can be realised, as we continue our approach around further integration.”