Bahrain’s Investcorp to acquire European cyber security firm Coresec

Bahraini investment firm Investcorp has announced the latest addition to its European portfolio with the acquisition of cyber security firm Coresec.

The deal follows Investcorp’s acquisition of cyber security firm SecureLink last year.

Read: Investcorp acquires cyber security firm SecureLink

Coresec is one of Scandinavia’s largest manager cyber security companies and has more than 250 employees across seven offices, according to Investcorp.

Its client base consists of firms in Scandinavia and the Netherlands.

“A key pillar in our investment thesis when acquiring SecureLink in December 2015 centred on the vision of creating a pan-European cyber security specialist,” said Investcorp co-chief executive Mohammed Al-Shroogi.

“Through the acquisition of Coresec and with combined revenues of €200m, we believe we have taken a significant step forward in implementing such a vision.”

The deal is expected to provide SecureLink with increased scale and reach, added Investcorp Bahrain managing director Fahad Murad.

The firm said it’s European team had witnessed the most active period in its 30-year history over the last 12 months, having signed four new deals and exited eight European portfolio companies.

It also mark’s the Bahraini company’s second acquisition in Scandinavia after acquiring Swedish skiing and cycling equipment manufacturer POC.

Read: Bahrain’s Investcorp buys sports gear maker POC for $65m

Last week Investcorp also announced the acquisition of luxury Italian menswear brand Corneliani.

Read: Bahrain’s Investcorp to acquire majority stake in Italy’s Corneliani

Its recent exits have included assessment provider GL Education, the initial public offering of Asiakastieto on Nasdaq Helsinki, the sale of Icopal to Standard Industries and the sale of N&W to Lone Star Funds.

It also fully sold Skrill Group to Optimal Payments (now renamed Paysafe Group plc), saw the IPO of Sophos Group plc on the London Stock Exchange and completely exited a minority stake in Autodistribution.