Danish cybersecurity and networking firm Conscia is entering the Irish market through the acquisition of PlanNet21 which serves the Irish and UK markets.
Both companies serve both public and private organisations. Founded in 1998, PlanNet21 has annual revenues of close to €70m with offices in Dublin, Cork, Galway, Belfast and Edinburgh in Scotland. It has approximately 300 customers in the public sector and enterprises, primarily within the technology, media, telecom and government sectors.
Both sides declined to disclose financial details of the transaction which is subject to regulatory approval and customary closing conditions. However, it is understood the value of the deal is approximately €175m.
Conscia supports more than 1,000 customers across Europe in finance, healthcare, manufacturing, utilities, retail, and the public sector and has a presence in Denmark, Germany, Norway, Slovenia, Sweden, the Netherlands and the UK.
It is owned by private equity investor Nordic Capital. The combined current business including PlanNet21 Group generates revenue in excess of €700m.
PlanNet21 Group is Conscia’s 20th acquisition in eight European geographical markets and follows Conscia acquiring a digital transformation provider in the UK, ITGL, and Nordic Kanari Group specialised in observability, earlier this year.
PlanNet21 is Conscia’s 20th acquisition in eight European markets and follows the acquisition of the UK’s ITGL, and Nordic Kanari Group earlier this year.
EY Ireland were exclusive advisors on the deal providing due diligence, financial modelling and tax advisory services to the shareholders of PlanNet21 through Corporate Finance Partners Ronan Murray and Robert Hussey.
PlanNet21 CEO Peter Carroll said the deal will enhance their customer offerings and give them a pan-European presence.
“They bring financial strength and scale in networking competencies, and their edge as a cybersecurity leader with award-winning services and solutions coupled with data insights through their platforms for Managed Detection and Response and Security Information and Event Management makes them an attractive owner for us,” he said.
“I am very pleased to welcome customers and the highly competent people from PlanNet21 Group to Conscia and we look forward to working together in Ireland and on all our combined markets. There is a commercial and cultural fit that will create a very compelling customer proposition,” Conscia Group CEO Erik Bertman said.
“PlanNet21 are a true Irish entrepreneurial success who have grown from an indigenous start-up to global experts in cybersecurity, networking and managed services, supporting some of the largest companies in the world,” Ronan Murray said.