Irish tech company CWSI raises €21m and also buys Dutch security specialist Blaud

Irish mobile and cloud security provider CWSI has raised €21 million to help fund its expansion into Europe and further its ambition of become a leading pan-European provider.

The Irish-headquartered company also said it had acquired Netherlands security specialist Blaud, its second acquisition in 12 months and its first acquisition in continental Europe.

The growth capital funding round includes equity investment led by private equity fund Castlegate Investments, and debt finance from an Irish bank.

The acquisition will see group revenues grow to a predicted €20 million this year, with its UK and European markets accounting for the bulk of this.

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Founded in 2010, CWSI provides mobility and security solutions to enterprise and government customers. Blaud has more than 100 direct clients and provides technical, consulting, support, and managed services to customers across a range of sectors. Among its clients are Smurfit Kappa, Amsterdam UMC, the Dutch Department of Waterways and Public Works, and law enforcement organisations.

"There is a strong overlap in our solution areas, value propositions and company cultures, and both organisations have strong representation in the criminal justice and public health sectors," said Ronan Murphy, co-founder and CEO of CWSI. "Bringing the two business together creates one of the largest and most experienced mobile security teams in Europe.

Under the deal Blaud will become a wholly-owned subsidiary of CWSI, with all 20 employees moving over to the group. That includes chief executive and founder Thierry Lammers.

“CWSI and Blaud share the same DNA of enabling organisations and their employees to work productively and securely from anywhere, on any device,” he said. “I look forward to working with CWSI to continue to find new ways to create value for our customers and solve their security challenges.”

The deal follows CWSI’s acquisition of UK-based cyber and cloud security services provider AVR in April 2021.