Lyvia, the European business group, has acquired IT Systems and Solution sp. z o.o. [ITSS], one of Poland’s leading cyber security companies, marking its first entry into this high-growth sector and the second acquisition by Lyvia’s Central and Eastern Europe division.
Founded in 2007 and with around 80 employees, ITSS provides end-to-end cyber security and cloud solutions for large businesses and the public sector, including custom development, IT infrastructure modernization, consultancy and cyber security services.
ITSS expects to report revenues of 11.4 MEUR (53.2 MPLN) in FY2022 and is forecast to hit as CAGR of 24 per cent between 2016 and 2022. The company’s founders will remain with the company. Co-founder and CEO Daniel Jaworski will remain chief executive officer and manage its growth trajectory as ITSS expands further in Poland and diversifies internationally.
Lyvia was created in April this year from the merger of two leading companies in the business-to-business tech and software services sector. It is based in Stockholm and has operations spanning Europe.
With around 1,500 dedicated professionals and pro forma FY2022 revenues of approximately SEK2bn (~175 MEUR), Lyvia entered the European market as one of the biggest and strongest performing companies in its sector.
Oleksandr Fomenko, regional lead at Lyvia’s Central and Eastern European arm, said: “ITSS is a large player in a fast-growing industry. It provides comprehensive end-to-end cyber security services as well as IT infrastructure modernization. It is a trusted advisor for large-scale enterprises and government administrations. ITSS covers all the security needs of its clients – systems, applications, networks and full environments, in contrast to its competitors, which usually cover just only one segment.”
“This second acquisition in the region underlines that Poland is a key market for Lyvia. I am proud that such a prominent company as ITSS with its founders chose to join Lyvia Group. We are looking to expand our family of entrepreneurs even further in the upcoming months and years,” he added.
The acquisition is in line with Lyvia’s European strategy of seeking out entrepreneur-led companies with best-in-class product and service offerings as well as strong financial track record. Lyvia’s portfolio has a robust track record of organic growth, strong cash generation and capital raising capability.
Sebastian Karlsson, Lyvia’s chief executive, said: “Lyvia plans to expand significantly across Europe in the coming years. This transaction underlines the company’s commitment to the central and eastern European market, a region that offers access to talented entrepreneurs and attractive companies.”
Lyvia is seeking to list on NASDAQ OMX in Stockholm within the next 12 to 18 months, depending upon market conditions. Financial details of the ITSS acquisition are not being disclosed.
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