Finland-based F-Secure announced on Monday that it has entered an agreement to acquire cybersecurity consultancy MWR InfoSecurity for over €91.6 million ($106 million) in cash and the promise of a significant earn-out if business objectives are achieved until the end of 2019.
Specifically, in addition to the €91.6 million ($106 million), which is subject to adjustments, F-Secure has agreed to pay up to €28.6 million ($33 million) if the agreed business target is achieved between July 1, 2018, and December 31, 2019.
The acquisition is expected to be completed in early July. F-Secure is still evaluating the impact of the acquisition on the company’s financial outlook for 2018.
MWR has nearly 400 employees across offices in the UK, the US, South Africa and Singapore. The company estimates that its revenue for the financial year ending on June 30 will be €31.1 million ($36 million).
The deal is part of F-Secure’s growth strategy, allowing the company to expand its services offering to global markets. The acquisition of MWR also results in the addition of the Countercept threat hunting platform to F-Secure’s detection and response offering. The company’s portfolio will also be enhanced by MWR’s managed phishing protection services.
“The acquisition brings MWR InfoSecurity’s industry-renowned technologies to F-Secure making our detection and response offering unrivaled. Their threat hunting platform (Countercept) is one of the most advanced in the market and is an excellent complement to our existing technologies,” said F-Secure CEO Samu Konttinen.
“I’m thrilled to welcome MWR InfoSecurity’s employees to F-Secure. With their vast experience and hundreds of experts performing cyber security services on four continents, we will have unparalleled visibility into real-life cyber attacks 24/7. This enables us to detect indicators across an incredible breadth of attacks so we can protect our customers effectively. As most companies currently lack these capabilities, this represents a significant opportunity to accelerate F-Secure’s growth,” Konttinen added.
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