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.

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.

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.

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.

“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.

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.

For more information:
Björn Weigel
CEO, CR Group Nordic AB
bjorn@cr.se
+46 70-777 73 74

Michael Yammin Finta
Communications, CR Group Nordic AB
michael@cr.se
+46 76-139 52 80

About CR Group
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.
The Group consists of several wholly owned subsidiaries and is located in Stockholm, Sweden.

1. Based on EUR/SEK exchange rate of 11,7325 as per 26 July 2024
2. Rolling 12-month ending May 2024

2024•08•27

CR Group's growth journey continues – Erik Hjelmstedt appointed Interim CEO

To support our expansive growth following the acquisition of the Dutch company Fox Crypto Erik Hjelmstedt has been appointed interim CEO of CR Group Nordic AB. Departing CEO Björn Weigel will continue to contribute to the company's success as a member of the board. “Björn is the driving force behind the creation of the CR Group, and without him it would not have been possible to build a business that will soon reach a 600 million SEK turnover with solid profitability. I want to extend my personal thanks to Björn, and I look forward to continue working with him as an owner and board member," stated Nicklas Storåkers, Chairman of the Board, CR Group. "When we started a little over two years ago, I could not have imagined in my wildest dreams that we would so quickly reach the point where we are today. I feel both proud and happy for what we have accomplished, and the role CR Group plays in enhancing security in our corner of the world,” says Björn Weigel. Erik Hjelmstedt most recently served as CFO of the investment company Nordstjernan. Prior to that, Erik was CFO, COO, and Head of Nordics for the digital healthcare company Kry. Erik also has extensive experience from various roles within the media group Schibsted, including COO/CFO for Sweden and Global Head of the Change Office. “The stability and security of our world is facing increasing challenges, so building and maintaining strong and resilient democratic societies is as important as ever. At CR Group, we are proud to provide secure communication solutions for critical operations across Europe. Leading our continued journey as the Interim CEO will be both exciting and fulfilling," concludes Erik Hjelmstedt. Erik Hjelmstedt will start his new role on 1 September 2024. For more information: Michael Yammin Finta Communications, CR Group Nordic AB michael@cr.se +46 76-139 52 80

2024•06•02

CR Group Joins Security and Defense Companies Association

CR Group, a leading player in cybersecurity for vital societal functions, has become a member of the Security and Defense Companies Association (SOFF). SOFF's collaboration platform provides CR Group with additional tools to work towards a safer world through innovative security solutions and enhanced cybersecurity capabilities for essential societal operations. ABOUT SOFF The Security and Defense Companies Association (SOFF) is a trade association for companies operating in the security and defense sector in Sweden. The association's goal is to create the best possible competitive conditions for its member companies by promoting market access and trade exchange. SOFF works long-term and strategically to influence future trade conditions and to promote research and innovation efforts. The association has over 200 member companies that together contribute to creating security both in Sweden and internationally. ABOUT CR GROUP CR Group is a Swedish cybersecurity company that serves as a full-service provider of digital solutions for vital societal functions. These solutions address both national and international needs in the defense and civil sectors, with a strong emphasis on usability and security. The group consists of several wholly-owned subsidiaries that offer expertise and innovative products to protect security-critical information.

2024•01•18

C-Resiliens strengthens its capacity in secure networks through the strategic acquisition of West Code Group

C-Resiliens was founded in 2022 with the conviction that there is an ever-growing need for improved cyber security in Sweden and the EU. In 2023, encrypted communications specialist Tutus Data was acquired and now C-Resiliens makes it second strategic acquisition in West Code Group, a Sweden based supplier of protective security products and services. West Code Group’s products and services supports customers in the protection of sensitive and classified information in accordance with relevant laws and regulations. The products extend C-Resiliens current customer offering and include secure terminals, mobile command centers, managed secure networks, and software for auditing and incident management. In 2023, West Code Group’s revenues amounted to approximately SEK 45 million with strong margins. With the acquisition, C-Resiliens expands its expertise and product portfolio and takes another step as a turnkey supplier for cyber resilience across Sweden and Europe.

Address

CR Group Nordic AB

Hovslagargatan 5b

Blasieholmen, Stockholm

+46 8 551 102 40

info@cr.se

Postal Address

CR Group Nordic AB

Aspövägen 41

125 40 Älvsjö

CR Group Nordic AB is a Swedish cybersecurity company that develops packaged and user-friendly digital solutions for critical societal operations.

The customers consist of defense, government agencies, and businesses in Sweden and Europe.

The main owner is Formica Capital I AB. The CEO is Björn Weigel. The Chairman of the Board is Nicklas Storåkers.

2024•08•01

CR Group acquires cyber security company Fox Crypto

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