2024•08•01
CR Group acquires cyber security company Fox Crypto
CR Group has concluded an agreement to acquire the Dutch cyber security company Fox Crypto B.V. In the acquisition of Fox Crypto, the business is valued to 70 MEUR (821,3 MSEK)¹. This acquisition marks a significant step towards CR Group’s goal of becoming the leading provider of cyber-security solutions for vital societal functions in Europe.
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Fox Crypto is owned by the cyber security company NCC Group PLC. and was founded in 1999. The company provides encryption solutions to vital societal functions, including the Netherlands Armed Forces, and is well-established within the NATO market. Fox Crypto is headquartered in Delft, Netherlands, and has 144 employees. Revenues for the 12-month period leading up to May 2024 increased by 53.8% to 243.2 MSEK. At the same time, a strong profitability has been maintained.
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The demand for advanced cyber-security and encryption solutions is rapidly increasing within the most sensitive operations of both the civil and defense-related sectors. This is partly due to heightened cyber threat levels, the war in Ukraine, increased NATO resources, national defense initiatives, and a growing demand for European autonomy and resilience in matters of cyber security.
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In such an expanding market, this acquisition significantly enhances CR Group's ability to meet rising client demands and needs within both the EU and NATO. CR Group is now able to accelerate its development, strengthen its innovation and become an even more robust provider of cyber-security solutions for vital societal functions in Sweden, the Netherlands and the broader EU and NATO markets.
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“We are very proud to be entrusted with the ownership of Fox Crypto. The company holds a unique market position in both the Netherlands and NATO, and plays a crucial role in the security and defense of our region. This acquisition is a key milestone and lays a foundation for our further European expansion. We’ve been greatly impressed by both the employees and management of Fox Crypto, and the company is a valuable addition to CR Group.”, states Björn Weigel, CEO of CR Group.
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Following the acquisition, CR Group's revenue will amount to 608 MSEK². All Fox Crypto employees plan to remain with the company. The acquisition is subject to regulatory approval and is expected to be finalized in the fourth quarter 2024.
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For more information:<br/>
<b>Björn Weigel</b><br/>
CEO, CR Group Nordic AB<br/>
bjorn@cr.se<br/>
+46 70-777 73 74
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<b>Michael Yammin Finta</b><br/>
Communications, CR Group Nordic AB<br/>
michael@cr.se<br/>
+46 76-139 52 80
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<b>About CR Group</b><br/>
CR Group is a European, cyber-security company that develops user-friendly, digital solutions for the protection of classified information. Our clients are the military and other vital societal functions in Sweden, the EU and NATO.<br/>
The Group consists of several wholly owned subsidiaries and is located in Stockholm, Sweden.
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1. Based on EUR/SEK exchange rate of 11,7325 as per 26 July 2024<br/>
2. Rolling 12-month ending May 2024<br/>
