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IK Partners buys into cybersecurity service provider Truesec Group eyeing international expansion

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Pan-European private equity firm IK Partners has tapped its ninth flasghip fund to acquire cybersecurity service provider Truesec Group.

Headquartered in Sweden, Truesec aims to prevent and reduce impact from cyberattacks. Its customer base comprises of predominantly enterprise clients who are spread out across various industries.

The firm said the company has enjoyed a “continuous growth” in revenues and been able to recruit top experts. Its next phase will focus on developing new and relevant services and capabilities to grow Truesec internationally.

Alireza Etemad, partner at IK Partners and advisor to the IK IX Fund, said, “At IK, we pride ourselves on being ‘People-First Private Equity because it’s amazing what happens when you put people first. We discover new ways to grow together, better ways to build on success and we see possibilities everywhere.

We feel that this ethos, together with our core values, aligns well with those of Truesec’s. The Group is a real success story and has experienced tremendous growth in a very short time. With plenty of opportunities to further expand, coupled with a very experienced management team, we look forward to a strong partnership with them and look forward to supercharging the next phase of their growth journey.”

IK Investment Partners closed its ninth flagship fund on its €2.85bn hard cap last year.

It has then held the final close of its IK Small Cap III Fund on its €1.2bn hard cap in April, the fund was is more than double the size of its predecessor, which closed on €550m in 2018.

IK SC III typically invests in companies with an EV of between €50-150m.

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