Formica Capital and Nicklas Storåkers invest in C-Resiliens building a new market leader within cyber security
March 8, 2023
Formica Capital and Nicklas Storåkers invest in the cyber security market through an investment in Swedish company C-Resiliens. In connection with the investment, C-Resiliens acquires Tutus Data, a market leading company within encryption and cyber security products.
C-Resiliens was founded in 2022 with the conviction that with an ever increasing need for improved cyber security in Sweden and the EU, in combination with new legal requirements and regulations coming in effect already in 2024, there is an opportunity to invest and build a new type of offering in the market. The owners expect to over time invest over one billion SEK in C-Resiliens to fund acquisitions.
As a first step in its development, C-Resiliens acquires Tutus Data. Tutus Data, founded 1992, is a Swedish company and the market leader within government approved and certified encrypted communications products within the restricted/restraint classification level to customers in Sweden and in the EU. The company has sales of 211 MSEK and an EBIT of 40 MSEK.
The Nordic market for cyber security is in the next three years expected to grow by 50% to reach 6bn Euro. According to EU, Sweden is at the top when it comes to digitalization, but only 15th place in EU and 26th globally when it comes to cyber security. In 2024, the EU-wide NIS2 directive comes into effect and has a direct impact on more than 2,000 public and private businesses and organizations in Sweden. If non-compliant, these businesses risk penalties of up to 2% of their turnover, a responsibility that ultimately lies with management and board if companies fail to comply.
The global annual cost for cyber-crime is estimated to reach 8 trillion USD in 2023, which makes it a significant threat to global digitalization. Increased digitalization is identified in Formica’s Solutions Map as a main contributor to reach the UN Sustainable Development Goals and the Paris agreement.
“C-Resiliens has the perfect set-up to build a leading player in cyber, encryption and network security. The acquisition of Tutus Data is an important stepping stone in getting there”, says Olof Cato, CEO of Formica Capital. “Cyber security is fundamental for digitalization and for a socially stable society and is thus an attractive area of investment for Formica”.
For more information please contact:
CEO Formica Capital
Tel: +46 709 26 66 55
Investment Director Formica Capital
Tel: +46 72 22 32 581
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. www.formicacapital.se
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 focuses on 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.