Fox Crypto is currently owned by cybersecurity firm NCC Group PLC and was founded in 1999. The company delivers encryption services to critical infrastructure, including the Dutch Ministry of Defence, and is well established in the NATO market. Headquartered in Delft, the Netherlands, the company has 144 employees. Revenue for the twelve-month period ending May 2024 increased by 53.8% to SEK 243.2 million, with strong profitability.
The demand for advanced cybersecurity and encryption solutions for the most security-sensitive operations, both civilian and defense-related, is growing rapidly. This is driven by escalating cyber threats, the war in Ukraine, NATO’s increased funding, national defense investments, and rising expectations for European autonomy and resilience in cybersecurity.
In this expanding market, the acquisition significantly strengthens CR Group’s ability to meet growing customer demands within the EU and NATO. CR Group will now be able to accelerate development, enhance innovation capacity, and become an even more robust supplier for critical infrastructure in Sweden, the Netherlands, and the broader EU and NATO landscape.
“We are very proud to take on the ownership responsibility of Fox Crypto. The company holds a unique position in the Netherlands and the NATO market, playing a vital role in security and defense in our part of the world. This acquisition is a key milestone and lays the foundation for further European expansion. We’ve been truly impressed by the team and leadership, and Fox Crypto is a valuable addition to CR Group,” says Björn Weigel, CEO of CR Group.
Following the acquisition, CR Group’s annual revenue will amount to SEK 608.0 million². All employees are expected to remain with the company. The acquisition is subject to regulatory approvals and is expected to be completed in the fourth quarter.
For more information:
Björn Weigel, CEO, CR Group Nordic AB – bjorn@cr.se, +46 70-777 73 74
Michael Yammin Finta, Head of Communications, CR Group Nordic AB – michael@cr.se, +46 76-139 52 80
CR Group is a European cybersecurity company developing user-friendly digital solutions for the protection of classified information. Our customers include defense forces and critical infrastructure operators across Sweden, the EU, and NATO. The group consists of several wholly owned subsidiaries and is headquartered in Stockholm, Sweden.
¹ Based on EUR/SEK exchange rate of 11.7325 as of July 26, 2024.
² Rolling 12-month period ending May 2024.
