Mehul Patel, partner at August Equity, has told Real Deals that its portfolio company Integrity360's investment in Swedish cybersecurity company Netsecure will boost revenues by more than 30%.

In 2021, Ireland-based Integrity360 had €40m in revenues, according to Patel, and the combined group will have revenues of about €110m following this deal.

"Our plan was always to expand into the UK and Europe, and we made the first step by acquiring Integrity360, and now with the acquisition of Netsecure we have a foothold in Europe," Patel said. 

Integrity360 is an independent cybersecurity specialist in Ireland, with a presence internationally including in the US and the UK. 

"Netsecure was identified as a target for August Equity due to the business's high recurring revenue and it is one of the fastest-growing businesses in Nordics. The business also comes with a team of really smart cyber specialists," said Patel.

Founded in 2015, Netsecure employs about 40 employees and is headquartered in Stockholm, Sweden. For the last four years, the business has achieved growth rates of more than 35% per annum, and during 2023 expects sales of about €10m, according to an August Equity press release.

Last year, Integrity360 achieved order growth of about 30% and sales of c.€85m.

Going forward, the GP plans to continue its buy-and-build strategy, targeting cyber companies in Europe, according to Patel. 

August Equity has previous experience in the cybersecurity space, having built UK provider SecureData prior to its exit to Orange Cyberdefence in 2019. 

Prior to the exit, August Equity backed Ian Brown as CEO of SecureData, and he will be partnering with Integrity360 founder and CEO Eoin Goulding, as executive chairman.

 Founder Goulding will be assuming the role of president. Meanwhile, SecureData veteran alumni Matt Tomlinson also joins the executive team as sales director.