EQT Sells Open Systems: A New Chapter in Cybersecurity
EQT Private Equity, alongside its co-investors, has taken a significant step by selling Open Systems, a top player in network and cybersecurity, to Swiss Post. This move underscores EQT's strategic plan to invest in and develop technology companies to improve service offerings in today’s fast-paced digital world.
Growth Journey Under EQT’s Ownership
Since becoming the majority owner of Open Systems in 2017, EQT has played a pivotal role in transforming the company. Initially recognized as a managed security services provider, Open Systems has grown into a leader in network and cybersecurity. Under EQT's guidance, the company has not only doubled its revenues but also greatly increased its EBITDA. This remarkable growth has been fueled by strategic enhancements to its product lineup, which are tailored to help businesses meet their network transformation and cybersecurity demands.
Cutting-edge Cybersecurity Solutions
Based in Zurich, Open Systems has developed an innovative cloud-based platform called Secure Access Service Edge (SASE). This cutting-edge solution simplifies global secure connectivity and boosts network management. With around-the-clock global support, Open Systems has established itself as a crucial partner for organizations on their cybersecurity journeys.
Strategic Growth and Acquisitions
Under EQT’s leadership, Open Systems has significantly invested in its technology infrastructure. The company expanded its capabilities through three strategic acquisitions, including Sqooba, a Swiss firm specializing in data science, artificial intelligence, and cloud services. These moves have invigorated Open Systems' offerings, leading to improved operations and innovative solutions for their clientele.
Looking Ahead with Swiss Post
As Open Systems transitions to Swiss Post, it will continue its growth journey under the skilled leadership of CEO Daniel Neuhaus. This acquisition not only strengthens Swiss Post’s position as a key provider of digital communication services but also enhances their ability to serve businesses in Switzerland more effectively.
Leadership Perspective on the Acquisition
Daniel Neuhaus expressed his appreciation for EQT’s hands-on involvement during Open Systems' growth. He views this acquisition as an affirmation of their ongoing strategy to strengthen their footprint in the SASE software market and believes that Swiss Post will be a valuable collaborator in this effort. He pointed out that their visions are aligned, with a shared commitment to continuous innovation and delivering top-notch technology to customers.
Insights from EQT's Advisory Team
Philipp Woerner, a Director on EQT Private Equity’s Advisory Team, noted Open Systems' impressive track record in technological advancements within the cybersecurity space. He praised the company’s management, led by Neuhaus, for positioning Open Systems as a leader in providing premium technology and services worldwide.
Nicole Burth, CEO of Swiss Post Communication Services, emphasized that integrating Open Systems is a perfect match for their strategy. She highlighted how this partnership will enhance their cybersecurity services, improving efficiency for their Swiss clients. Open Systems’ distinctive cloud security solutions will further safeguard and streamline business communications.
Wrap-up and Anticipated Future
This transaction is expected to conclude pending the usual regulatory approvals in the fourth quarter of 2024. As Open Systems prepares for this new phase, the market looks forward to a wave of innovative solutions emerging from this partnership with Swiss Post, especially focusing on advancing cybersecurity offerings and securing digital communications.
Frequently Asked Questions
1. What company is EQT selling to Swiss Post?
EQT is selling Open Systems, recognized as a leader in network and cybersecurity solutions, to Swiss Post.
2. When did EQT acquire Open Systems?
EQT acquired a majority stake in Open Systems back in 2017.
3. What is Secure Access Service Edge (SASE)?
SASE refers to a cloud-based platform designed to simplify secure global connectivity and improve network management.
4. Who is the CEO of Open Systems?
The CEO of Open Systems is Daniel Neuhaus.
5. What will happen after the sale is finalized?
Following the sale, Open Systems will continue to grow under Swiss Post, maintaining its commitment to enhancing cybersecurity solutions.