CR Group has signed an agreement to acquire Fox Crypto in the Netherlands
Yanno's investment CR Group has announced its first large international acquisition of Dutch company Fox Crypto. The acquisition marks an important step in the journey to become a leading European player within cybersecurity services to sectors critical to society.
Leading European player
On August 1, 2024, CR Group signed 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.
“We are excited about the acquisition of FoxCrypto and see the importance and the potential in CR Group's business going forward. With continued geopolitical unrest, the need to protect our societies' most vital assets will continue to grow. We will continue to support CR Group in its journey to become a leading European player in the sector.”
Anna Storåkers, CEO Yanno Capital & Board Member CR Group
Regulatory approval
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.
1. Based on EUR/SEK exchange rate of 11,7325 as per 26 July 2024
2. Rolling 12-month ending May 2024
