PSG and Verdane's Hornetsecurity bolts on Altaro

The deal is backed by additional equity from PSG and Verdane, a source close to the situation told Unquote.

The deal is expected to enhance Hornetsecurity's cloud security offering, according to a statement.

Verdane invested in Hornetsecurity in September 2016, acquiring the stake formerly owned by previous investor Neuhaus Capital Partners in a direct secondary deal.

PSG and Verdane invested in Hornetsecurity in July 2020. PSG invested via Providence Strategic Growth Europe, which held an interim close in November 2020 on €783m against its target of €1bn. The fund typically invests equity tickets in the €5-45m range.

Company
Headquartered in San Ġwann in Malta, with additional offices in the UK, Germany, France, North Macedonia and the US, Altaro provides cloud backup software for managed service providers. Its key product is a virtualised environment backup software platform, Altaro VM Backup. The company was founded in 2009 and has 104 employees, according to LinkedIn.

People
Hornetsecurity – Daniel Hofmann (founder, CEO).
Altaro – David Vella (CEO).
Providence Equity Partners – Dany Rammal (partner).
Verdane – Emanuel Johnsson (partner).

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• Topics
• Expansion
• DACH
• Technology
• Acquisition finance
• Build-up
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• Malta
• Verdane Capital Partners
• Providence Equity Partners