Wise backs cybersecurity specialist Innovery

The GP drew capital from its €215m Wisequity IV fund. This is the seventh transaction made by the vehicle, which is now 85% deployed, Unquote understands. The fund deploys equity tickets in the €5-20m range and expects to make one more investment in the coming months.

Gianvittorio Abate, founder and CEO of Innovery, will retain the remaining 31% stake in the company and continue to lead the business alongside the rest of the management team.

Wise intends to support Innovery by further accelerating its expansion, boosting its organic growth and pursuing a buy-and-build strategy in Italy and internationally.

Company
Innovery provides system integration, cybersecurity, fraud management and network security to companies operating in the financial services, telecommunications, public administration, gaming and utilities sectors.

Innovery is headquartered in Rome with additional offices located across Italy, Spain and Mexico. The company employs 240 staff and generated EBITDA of €6m from revenues of €27m in 2018.

People
Wise Equity - Paolo Gambarini (founding partner); Marco Mancuso (investment manager).
Innovery - Gianvittorio Abate (founder, CEO).

Advisers
Equity - Simmons & Simmons (legal); Spada Partners (financial due diligence, tax).
Company - Strategy Legal & Tax (corporate finance, legal, tax).

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