Investcorp sells SecureLink to Orange in €515m deal

Investcorp first acquired SecureLink in 2015 with a view to making it a platform for consolidation in the fragmented European cybersecurity market. Over the last three years, SecureLink added providers in Scandinavia, the UK and Germany to its platform and expanded in China.

Some of its bolt-ons include the Sweden-based digital security business Coresec and UK-based competitor Nebulas. 

Investcorp acquired the business in December 2015 via its deal-by-deal model, and did not use Investcorp Technology Partners III, which it was investing from at the time, Unquote understands. 

With this acquisition, Orange's cybersecurity division will employ 1,800 people, according to a statement by the acquirer. The combined revenues of the two businesses amounted to €600m in 2018.

Previous funding
Belgian buyout firm Indufin became the first institutional backer of the business when it acquired a 40% stake in SecureLink in an expansion deal in 2013.

Investcorp structured a buyout transaction in 2015, acquiring a majority stake in the provider. The company's founders and management also participated in the deal. Dutch press reports at the time said the company posted an EBITDA of circa €10m, from sales of €60m for 2014.

Company
Founded in 2003 and based in Sliedrecht, SecureLink provides a range of cybersecurity services. These include specialised security consulting, security maintenance, and support with 24/7 service desks, as well as advanced managed detection and response capabilities.

With 660 employees and 14 offices, SecureLink recorded revenues of €248m in 2018.

People
Investcorp – Hazem Ben Gacem (co-CEO).
SecureLink – Thomas Fetten (CEO).
Orange – Hugues Foulon (executive director).

Advisers
Company – Jefferies (corporate finance); KPMG (tax); Stibbe (legal); Travelers (insurance due diligence).

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