Hg-backed IT Relation bolts on Improsec

Financial terms of the deal were not disclosed. 

Hg in 2018 acquired a majority stake in IT Relation from Adelis Equity. Under the GP's ownership, the company also acquired IT company Miracle42. 

With the latest acquisition, IT Relation will add cybersecurity services as its fourth business area, alongside cloud services, business consultancy and professional services. 

IT Relation operates from 11 locations in Denmark and employs 725 staff. According to the company's accounts, it generated turnover of DKK 614m (€82.4m) and EBITDA of DKK 88m (11.8m) in 2019. 

Company
Founded in 2015 and based in Copenhagen, Improsec is a cybersecurity adviser serving both private enterprises and public organisations. 

The company employs fewer than 50 staff. 

People
IT Relation – Henrik Kastbjerg (CEO). 
Improsec – Jakob H Heidelberg (CEO). 

Advisers
Company – ABG Sundal Collier (financial due diligence); Accura (legal).

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