Cybersecurity firm Integrity360 to expand European footprint with acquisition of Adsigo
Coalesce Brown, At Shane O'neill, Chairman By Executive Integrity360 Ian Picture
Irish-founded cybersecurity firm Integrity360 has announced a deal to buy European payment card industry (PCI) and cybersecurity company Adsigo for an undisclosed amount.
The deal is part of Integrity360's pan-European expansion plan, allowing the company to expand further into Continental Europe.
Founded in 2013, Adsigo is a cybersecurity consultancy serving customers in Germany, Austria and Switzerland. The company operates out of Stuttgart, Hamburg and Zurich where it provides services to financial, industrial, and services organisations.
Integrity360 said it will invest further in Adsigo to become a regional hub for the full suite of its services next year, including the addition of a new security operations centre based in Germany, which will be combined with the existing 130 people Integrity360 employs across Dublin, Stockholm, Naples and Sofia.
Integrity360 said the firm will complement its substantial existing PCI practice, which is the most chosen Qualified Security Assessor organisation by Visa and Mastercard service providers in Europe.
Once the deal is completed, Integrity360 said its group revenues will exceed €135m, up significantly from 2023, with the group's resources increasing to around 550 employees.
Ian Brown, Executive Chairman at Integrity360 commented: “We are delighted to be welcoming the team from Adsigo to Integrity360.
"The enhanced group will now significantly expand our existing activities and cyber services across the DACH region (Germany, Austria and Switzerland) as well as offering the wider range of Integrity360 services to the existing customers of Adsigo."
Ralph Woern, Founder and Chief Executive Officer of Adsigo commented: “I am really delighted that Adsigo is joining Integrity360 and continuing the journey that we started some 20 years ago."
"Adsigo is excited to continue that journey but also with Integrity360’s support, allowing us to further expand our team, our services, and our market coverage."
In 2023, Integrity360 posted a 9% rise in revenue, growing to more than €108m on a proforma basis.
The Group's trading earnings before interest, tax, depreciation and amortisation (Ebitda) increased materially by 108% to €8.1m following a "strong year" in which the company "significantly expanded" its operations across the UK, Ireland, Nordics, Italy, Spain, and Eastern and Central Europe, driven by both organic activities and complimentary acquisitions.