Ufenau's Swiss IT Security buys Keyon

The bolt-on was supported with additional equity from Ufenau and SITS's management, as well as cash from the company's balance sheet.

Keyon's management will remain on board and have invested in SITS. The company will continue to operate as an independent entity within the group.

Ufenau invested in SITS in November 2017. At the time, the GP was deploying equity from Ufenau V German Asset Light, which held a final close in October 2016 on €227m.

Following the acquisition, SITS will have revenues of more than €100m and EBITDA of more than €20m. The company has made 13 add-on acquisitions during the investment period and reported sales of €10m at the time of Ufenau's investment. It now has 400 employees.

According to a statement, SITS is currently in talks with several further potential add-on targets in the DACH region.

Company
Founded in 1999 and based in Jona, Switzerland, Keyon provides IT security services including Microsoft cloud security, digital signature services and software engineering. The company employs 30 people and reports revenues of less than €10m.

People
Ufenau Capital Partners – Ralf Flore (managing partner).
Swiss IT Security – Philipp Stebler (CEO).

Advisers
Vendor – UBS (corporate finance).

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• Topics
• Expansion
• DACH
• Technology
• Build-up
• Acquisition finance
• Switzerland
• Ufenau Capital Partners