CWSI forecasts jump in revenues after acquiring AVR for €5.2m
Mobile and cloud security specialist makes first acquisition as it looks to expand abroad
Ronan Murphy: “We have a buy-and-build strategy in place, and are actively seeking further acquisition opportunities as part of our growth plans”
Irish mobile and cloud security specialist CWSI has acquired Berkshire-based rival AVR International in a €5.2 million deal as it looks to expand its footprint.
The new combined entity will have revenues of €15 million for 2021 with as much as 65 per cent of annual turnover expected to come from Britain in future years. It currently derives about half its revenues from the market, which it entered in 2017.
CWSI was valued at over €15 million two years ago after securing over€.3 million in investment from the Davy EIIS Fund and private investors.
The company was set up in 2011 by Ronan Murphy, who previously co-founded Cellular World, one of the State’s leading mobile phone retailers in the 1990s. It was sold to what was then Digifone in 1998 for €10 million.
The acquisition of AVR provides CWSI with an opportunity to increase the range of services offered to that company’s established customer base, which includes: one of the world’s leading car manufacturers; two magic circle law firms; one of the high streets most recognised global optical retailers; and a global private hospital group.
The deal, funded by a combination of cash flow and debt facility, is CWSI’s first acquisition.
“This acquisition is an important first step as we look to become one of the leading providers of cloud and mobile security solutions in Europe. We have a buy-and-build strategy in place, and are actively seeking further acquisition opportunities as part of our growth plans,” Mr Murphy told The Irish Times.
Established in 2002 in Berkshire, AVR provides a range of cybersecurity, mobile device management, unified endpoint management, cloud security and professional services. AVR’s founder Helen Hall and the company’s 12 employees are to become part of the CWSI Group with immediate effect.
The new entity will securely manage more than 500,000 customer devices including PCs, laptops and mobile devices, CWSI said.