Truesec Group AB
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Truesec Group AB - overview
Established
2005
Location
Stockholm, -, Sweden
Primary Industry
IT Security/Cybersecurity
About
Truesec Group AB is a cybersecurity firm based in Stockholm, Sweden, offering comprehensive solutions to safeguard organizations against cyber threats. Their services include Managed Detection and Response (MDR) and a prominent Security Operations Center (SOC). Founded in 2005 in Stockholm, Sweden, Truesec Group AB specializes in cybersecurity services. The company underwent a significant change in ownership in November 2021 when a consortium led by IK Investment Partners and SEB acquired a majority stake from Sobro AB.
The firm is co-founded by Carolina Angelis, Christian Sørensen, and Mikkel Rømer, with Erik Jönsson serving as CEO. Truesec specializes in comprehensive cybersecurity solutions designed to protect organizations of various sizes from evolving cyber threats. Their core offerings include Managed Detection and Response (MDR), known for ensuring zero business impact during incidents, and a robust Security Operations Center (SOC), recognized as the largest in the Nordics. The services encompass incident response, threat intelligence, and proactive security measures, addressing key challenges such as breach prevention and risk mitigation.
The company serves a diverse client base across Europe, including Sweden, Denmark, Finland, and Germany, adapting offerings to meet unique regulatory and operational needs. In the most recent financial year, 2022, Truesec reported revenue of USD 41. 89 mn and an EBITDA of USD 5. 44 mn.
The company generates revenue primarily through subscription-based models for its security services, particularly its MDR offerings. Clients typically enter contracts for ongoing monitoring and incident response services, billed annually or semi-annually, based on the selected service level and complexity of needs. Truesec Group AB plans to leverage its recent acquisition to strengthen its market position in the Nordics and expand beyond its current core areas. The investment will support the development of new products and services aimed at enhancing their cybersecurity offerings.
Specific details on new product launches or timelines have not been disclosed, but the focus remains on broadening their geographical reach and enhancing service capabilities.
Current Investors
IK Partners
Primary Industry
IT Security/Cybersecurity
Sub Industries
Consulting Services, Education & Training Services, IT Infrastructure, IT Security/Cybersecurity
Website
www.truesec.com
Company Stage
Mature
Total Amount Raised
Subscriber access only
Truesec Group AB - timeline of key events
Truesec Group AB - financials
| Fiscal Year Ended | Dec 31, 2011 | Dec 31, 2012 | Dec 31, 2013 | Dec 31, 2014 | Dec 31, 2015 | Dec 31, 2016 | Dec 31, 2017 | Dec 31, 2018 | Dec 31, 2019 | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (USD) | 5,520,428 | 10,187,985 | 8,950,533 | 6,815,869 | 6,927,117 | 6,845,411 | 7,015,988 | 8,286,002 | 172,620,825 | 246,922,846 | 299,457,833 | - | - | - |
| % Revenue Growth (YoY) | - | 84.6% | (12.1%) | (23.8%) | 1.6% | (1.2%) | 2.5% | 18.1% | 1983.3% | 43.0% | 21.3% | - | - | - |
| EBITDA (USD) | 2,922,381 | 5,547,969 | 3,979,982 | 2,112,023 | 1,001,598 | 1,739,641 | 1,077,884 | 1,340,378 | 36,377,149 | 60,014,186 | 52,910,889 | - | - | - |
| Operating Income (USD) | 2,918,631 | 5,544,219 | 3,976,545 | 2,112,023 | 1,001,598 | 1,545,079 | 1,077,884 | 1,340,378 | 35,093,815 | 59,543,930 | 52,249,460 | - | - | - |
| Operating Margin | 52.9% | 54.4% | 44.4% | 31.0% | 14.5% | 22.6% | 15.4% | 16.2% | 20.3% | 24.1% | 17.4% | - | - | - |
| % EBITDA Margin | 52.9% | 54.5% | 44.5% | 31.0% | 14.5% | 25.4% | 15.4% | 16.2% | 21.1% | 24.3% | 17.7% | - | - | - |
| NET Income (USD) | 3,621,909 | 4,952,021 | 3,792,226 | 2,383,358 | 3,036,708 | 9,441,828 | 8,968,493 | 7,945,132 | 21,266,085 | 46,591,909 | 39,379,765 | - | - | - |
| % Net Margin | 65.6% | 48.6% | 42.4% | 35.0% | 43.8% | 137.9% | 127.8% | 95.9% | 12.3% | 18.9% | 13.2% | - | - | - |
Truesec Group AB - deals
| Deals Type | Deal Status | Target (s) | Deal Date | Investor(s) | Seller(s) | Deal size (Mn) | Enterprise value (Mn) | Post-money valuation (Mn) | EBITDA multiple (x) | Revenue multiple (x) | Lead partner (s) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Add-on | Completed | Banshie | - | ||||||||
| Add-on, Trade Sale | Completed | Venzo | - | ||||||||
| Add-on | Completed | Venzo | - | ||||||||
| Secondary Buyout | Completed | Truesec Group AB | - | ||||||||
| Investment | Completed | Truesec Group AB | - |
Displaying 1 - 5 of 5
Truesec Group AB - employee data
Truesec Group AB - key contacts
| Name | Position | Start Date | End Date | Vcard | Bio | ||
|---|---|---|---|---|---|---|---|
| Chairman Of The Board | BM |
BM Board Member
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