IT Relation Holding has entered into an agreement to acquire Improsec, a leading and 100% independent Danish advisory firm with unmatched technical capabilities in cyber security. Improsec continues as an independent company under its own brand and will form a strong foundation for the IT Relation group’s new Cyber Security Services business area.
The acquisition of Improsec expands the IT Relation group’s offering to its customers with the leading and independent Danish cyber security advisory firm and 26 dedicated employees and experts in the field. Improsec advises companies on prioritizing and implementing organizational as well as technical solutions that improve the security level. The firm’s advisory services primarily consist of identification of vulnerabilities, misconfigurations and threats as well as analysis and improvement of infrastructure and security solutions. Improsec furthermore assists customers in connection with ongoing or completed cyber-attacks and conducts training sessions and workshops.
With the acquisition of Improsec, the IT Relation group establishes a strong platform in the rapidly growing and highly specialized cyber security market. In 2020, Improsec increases revenue by more than 60% to DKK 26 million with an operating profit (EBITDA) of DKK 11 million. The profitable growth is expected to continue in the coming years as the IT Relation group will be able to offer customers access to Improsec’s advisory services, while Improsec will leverage the group’s support functions and the benefits of continuing as an independent company in close partnership with a strategically strong market leader.
“Improsec has established an impressive market position in Denmark within cyber security with the leading experts in the field, a talented and ambitious management team and a strong reputation with customers and in the industry. We are pleased to welcome the entire Improsec team to the IT Relation family, and we look forward to jointly creating an even stronger offering to existing and new customers in our network and continuing the growth journey in our new Cyber Security Services business area. Customer demand is becoming increasingly complex, and we are now ensuring a leading position in cyber security for the IT Relation family to ensure that we have all specialist capabilities inhouse,” says Henrik Kastbjerg, CEO of the IT Relation group.
After the expansion, the IT Relation group has 725 employees at 11 locations across the country and activities in the companies IT Relation, Mentor IT, Sotea, Miracle42, Scott/Tiger and Improsec. The group has as leading market position in Denmark and four business areas; Cloud Services, Business Solutions, Professional Services and Cyber Security Services.
“We are looking forward to continue delivering independent quality advisory services to customers and developing Improsec in close cooperation with our new colleagues in the IT Relation family. We will be uniquely positioned to benefit from sharing knowledge and experience with a leading player in the industry and gain access to a strong organization, which has extensive experience developing and scaling growth companies like Improsec. Together, we will offer Improsec’s advisory services to new customers and the IT Relation family’s other customers and members,” says Jakob H. Heidelberg, founder and CEO of Improsec.
The acquisition will not entail changes for Improsec’s current customers. Customer relations and contracts will continue unchanged, and customers will continue to be served by their dedicated advisers.
The three owners – Jakob H. Heidelberg (CEO), Kenni Lund (CTO) and Claus Vesthammer (COO) – will continue in their current positions and invest in the IT Relation group.
The parties have agreed not to disclose the acquisition price.
IT Relation Holding
CEO Henrik Kastbjerg, tel. + 45 2069 6700
Improsec
CEO and founder Jakob H. Heidelberg, tel. +45 3131 5337
About Improsec:
Improsec is a leading and 100% independent Danish advisory firm with unmatched technical capabilities in cyber security and 26 dedicated employees and experts in the field. Improsec advises companies on prioritizing and implementing organizational as well as technical solutions that improve the security level. The firm’s advisory services primarily consist of identification of vulnerabilities, misconfigurations and threats as well as analysis and improvement of infrastructure and security solutions. Improsec furthermore assists customers in connection with ongoing or completed cyber-attacks and conducts training sessions and workshops.
About the IT Relation group:
The IT Relation group has grown swiftly from a strong regional player to the leading Danish provider of IT outsourcing services to the private and public sector. The IT Relation group is today represented in 11 locations across the country. The group currently has 725 employees with activities in the companies IT Relation, Mentor IT, Sotea, Miracle42 and Improsec. The group has as leading market position in Denmark and four business areas; Cloud Services, Business Solutions, Professional Services and Cyber Security Services.