Dublin-based mobile and cloud security firm CWSI has raised €21m in funding and has acquired BLAUD, a mobility and security firm based in the Netherlands.
The company said equity investment has been secured from Castlegate Investments, a private equity and family office firm.
It said a new debt facility from a major Irish bank has also been established.
BLAUD will become a wholly owned subsidiary within the CWSI Group.
Its 20 employees, including CEO and co-founder Thierry Lammers, have joined the group.
Following the acquisition, which is CWSI’s first on mainland Europe, it forecasts that group revenues will grow to more than €20m this year.
It expects the European and UK markets will contribute 75% of the overall revenues.
BLAUD provides mobility and security solutions to enterprise and government customers both directly and through partnerships with global telecommunications providers including Telefonica, Telstra and Hutchison Whampoa (Three).
Clients include Smurfit Kappa, Amsterdam UMC, the Dutch Department of Waterways and Public Works, and law enforcement organisations.
CWSI said it will extend the market for BLAUD’s application development services into the UK and Ireland.
"BLAUD’s customers will be able to access CWSI’s wide range of technical skills, resources and channel partnerships, including its dedicated Microsoft Security Practice, backed by its Microsoft Gold Security competency and membership of the Microsoft Intelligent Security Association (MISA)," it said in a statement.
This latest deal for CWSI follows the acquisition and successful integration of UK-based cyber and cloud security services provider AVR in April 2021.
