C-Resiliens acquires West Code Group

January 18, 2024

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 increasing 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. Including the acquisition, C-Resiliens pro forma revenues for 2023 amounted to SEK 320 million, with healthy EBIT-margins of around 20%.

For more information please contact:

David Leander
Investment Director Formica Capital
Tel: +46 72 22 32 581

Olof Cato
CEO Formica Capital
Tel: +46 709 26 66 55


About Formica Capital

Formica Capital is a Swedish investment company with a long-term ownership strategy. It is owned by the Olsson Eriksson family. Formica Capital creates value by being an active owner in profitable and long-term sustainable companies, that positively impacts society. formicacapital.se

About C-Resiliens

C-Resiliens is a cyber security group founded in 2022. The vision is to eliminate society’s digital vulnerability through investments in new innovations. The company develops next generation turn-key secure communications solutions for defence, public sector and other businesses and organizations that are critical to society in Sweden and in the EU. cr.se