NetNordic Group has acquired Fiarone Oy
NetNordic Group (“NetNordic”), majority owned by Norvestor VII, L.P. (“Norvestor”), has acquired Fiarone OY (“Fiarone” or “The Company”). Fiarone is a leading Finnish security operation center (SOC) provider in Finland.
Fiarone is a trusted advisor to its clients with a sole focus on security management for enterprises within the private and public sectors. Cyber security has become an integral component to keep companies protected from the growing number and sophistication of cyberthreats. Fiarone has spent the better part of a decade to establish a best-in-class SOC platform to enable top level security for its clients. Fiarone has deep-seated capabilities to advise and support their customers in the major challenges of data security and data protection. Fiarone is ISO 27001 certified, demanding a strong focus on quality in all parts of their operations.
“NetNordic has seen strong growth in Finland during recent years, and we are excited to double the number of employees in the country. As a leading pan Nordic service provider, Finland is a key market for us. Fiarone is a strong fit based on their competence and expert level within the security area. They have developed leading services and the customer portfolio is remarkably strong. In NetNordic we place great importance in the cultural dimension, and we see a strong fit with Fiarone including our shared growth ambitions. Fiarone has an impressive level of capabilities and has over the years proved that they serve demanding customers with the highest quality. We look forward to contributing to the continued development both in Finland and the Nordics, says Jarl Øverby – CEO of NetNordic Group.
”NetNordic has a strong position in the Nordics. We have been approached by many interested parties, but we have been waiting for the right one. We aim for accelerating our development in Finland and the Nordics, and NetNordic is a perfect match for us. We strongly believe in what we have built up since 2014 and see that we can combine strengths to develop and take market shares faster. We will continue to develop our capabilities as the leading security operation center provider in Finland and with leverage from NetNordic we will expand significantly faster in the Nordics. The demand is strong and together with NetNordic we have more capacity to enable healthy growth for the success of our clients and employees,” says Markus Alkio – CEO Fiarone
“Through the acquisition, both Fiarone and NetNordic will strengthen their competence and capacity to deliver market leading security services in the Nordic market,” says Christian Sontum – Partner Norvestor
Fiarone has 32 employees, located in Turku and Espoo, Finland. Estimated revenue for 2021 is EUR 2.1 million. The shareholders in Fiarone are reinvesting in NetNordic and will continue to focus on developing the business in Finland and the Nordics.
For further information:
Christian Sontum, Partner, Norvestor Advisory
Tel: +47 991 53 698
NetNordic is a Nordic system integrator, specialized in the areas of network, security and collaboration. NetNordic deliver customer specialized solutions and services. We always strive to be our customers’ “Best Companion”, we want to help our customers with their digital enablement through design, delivery and management of next generation services and solutions. NetNordic is headquartered in Oslo. NetNordic had approximately 1,8 billion NOK revenue (pro forma) in 2020. After the acquisition, the company has approximately 520 employees in 14 offices in the Nordic countries, and our solutions are distributed through subsidiaries in Norway, Sweden, Denmark and Finland. Majority shareholder in NetNordic is Norvestor. Read more at www.netnordic.com and follow us on social media.
Fiarone Oy is an expert in security information management and a provider Security Operation Center (SOC) services for leading enterprises in Finland. Fiarone has strong competence and has since 2010 developed deep knowledge and processes to assist clients from the increased cyber security threat. Service revenue of Fiarone in 2020 is estimated to EUR 2.1M and is expected to grow rapidly in the coming years. Number of personnel is 32.
Norvestor, the majority owner in NetNordic, is a leading private equity firm focusing on mid-market buyouts in the Nordic region with offices in Oslo, Stockholm, Helsinki, Copenhagen and Luxembourg. The team has worked together since 1991 making it one of the most experienced private equity teams in the Nordics, having executed 79 investments with more than 300 follow-on M&A transactions, in addition to executing 53 exits including 16 IPOs. The Norvestor funds seek to invest in growth companies in the Nordic mid-market that have potential to achieve a leading Nordic or international position, typically through organic growth, acquisitions across fragmented industries and by geographic expansion. Read more at www.norvestor.com