Dublin cybersecurity firm CWSI raises €21m and buys Dutch business

CWSI raises funding of €21M and acquires Dutch security specialist BLAUD.

Scaling Irish mobile and cloud security specialist CWSI has acquired Dutch tech firm BLAUD after raising €21m in debt and equity funding.

Equity investment has been secured from Castlegate Investments, a private equity and family office firm.

“Bringing the two business together creates one of the largest and most experienced mobile security teams in Europe”

BLAUD will become a wholly owned subsidiary within the CWSI Group. Its 20 employees, including CEO and co-founder Thierry Lammers, have joined the group.

Following the acquisition, which is CWSI’s first on mainland Europe, it forecasts that group revenues will grow to more than €20m in 2022. The European and UK markets are expected to contribute 75% of the overall revenues.

A new chapter

CWSI is headquartered in Dublin and provides mobility and security solutions to enterprise and government customers both directly and through partnerships with global telecommunications providers including Telefonica, Telstra and Hutchison Whampoa (Three).

This latest deal for CWSI follows the acquisition and successful integration of UK-based cyber and cloud security services provider AVR in April 2021.

“I’m delighted to welcome Thierry and the team at BLAUD to the CWSI Group,” said CWSI CEO Ronan Murphy.

“There is a strong overlap in our solution areas, value propositions and company cultures and both organisations have strong representation in the Criminal Justice and Public Health sectors.  Bringing the two business together creates one of the largest and most experienced mobile security teams in Europe.

“This exciting new chapter of the CWSI story wouldn’t be possible without the support of our new equity investors and I look forward to repaying their confidence in us as we execute on our buy and build strategy to create a leading pan-European provider of cloud and mobile security solutions.”

Main image at top: Ronan Murphy, CEO, CWSI

John Kennedy
Award-winning ThinkBusiness.ie editor John Kennedy is one of Ireland's most experienced business and technology journalists.