Columbus A/S acquires ICY Security ApS
April 11 2023 - 4:02AM
Columbus A/S acquires ICY Security ApS
Company announcement no. 4/2023
Columbus A/S acquires ICY Security ApS in Denmark, and thereby
expands the business to meet customer demand for cyber security
services.
Today, Columbus A/S has signed an agreement to acquire the
Danish cyber security company, ICY Security ApS. ICY Security is
among the largest consultancies and implementation companies in the
Nordics within Identity & Access Management (IAM) with many
years of experience within cyber security. IAM includes Identity,
Governance & Administration (IGA), Access Management (AM),
Privileged Access Management (PAM) and CIAM (Customer Identity
& Access Management).
With the acquisition of ICY Security, Columbus expands its
business to meet customers’ increasing demand for secure access to
business-critical data. The focus on Identity & Access
Management is a natural step for many of Columbus’ customers that
are looking to raise the organisation's cyber security level.
“In the past couple of years, Columbus has focused on organic
growth and on streamlining the core business. Having achieved
organic growth in the last seven quarters, we are now adding
acquisitions to augment our continued organic growth. The
acquisition of ICY Security is an important investment in
extending Columbus’ offerings following the increased need for
cyber security services from our customers. At the same time,
Columbus secures a strong position in a fast-growing market,” says
CEO & President Søren Krogh Knudsen.
Columbus takes over 50 highly skilled employees in Ballerup,
Aarhus and Aalborg. In addition, Columbus takes over the customer
base comprising more than 70 customers, characterized by
medium-sized and large enterprise companies.
Columbus offers a wide portfolio of digital solutions, including
Cloud ERP (Enterprise Resource Planning), Change Management, and
Application Management Systems. ICY Security’s expertise in Cyber
Security and Identity & Access Management complements Columbus’
broad portfolio of business-critical solutions to new and existing
customers.
ICY Security is a good match for Columbus, both when it comes to
the potential synergies with Columbus’ offerings and in relation to
the company values and culture.
The ambition is to expand to the rest of the Nordic countries
where Columbus already has a strong presence with close to 1,000
employees. Globally, Columbus has around 1,500 employees.
In 2022, ICY Security had a revenue of DKK 66.5m and EBITDA of
DKK 4.6m (unaudited).
The acquisition was signed and closed on 11 April 2023 with
financial effect from 1 April 2023.
Transaction overviewThe agreed acquisition
price is DKK 125m (Enterprise Value). DKK 40m is paid at closing,
and the remaining amount of DKK 85m is dependent on reaching the
agreed earnings targets and is expected to be paid over the next
three years.
The acquisition is financed by Columbus’ available funds.
Based on the above transaction, Columbus is adjusting the full
year guidance for 2023 accordingly:
- Revenue guidance: From DKK 1,500m – 1,550m to DKK 1,550m –
1,600m, corresponding to a growth of 12-15% and an organic growth
of 8-12%, both in constant currencies.
- EBITDA guidance: From DKK 115m – 135m to DKK 119m – 139m,
corresponding to a margin of 7.4% - 9.0%.
For further information,
please contact:CEO & President, Søren Krogh Knudsen,
+45 70 20 50 00 |
- SE_04_2023_Columbus_acquires_ICY_Security_ApS
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