Techstep acquires IT security company
Techstep has entered into an agreement to acquire Wizor AS, a Nordic supplier of encrypted and secure solutions for mobile phones, tablets and other mobile devices.
“Mobile technology provides companies with great opportunities. Employees who can work across mobile devices and locations are more productive. Techstep’s mobile solutions are tailored to service this market, and our customers mainly focus on two aspects: simplicity and security. This acquisition provides us with a market-leading, secure solution for mobile units”, said Jens Haviken, CEO of Techstep.
“The acquisition enables us to provide the most demanding customers with the most advanced secure solutions”, added Haviken.
The acquisition is in alignment with Techstep’s strategy to become a leading enabler of the digital workplace in the Nordic region. BlackBerry UEM is the leading and the most secure Enterprise Mobility Management (EMM) solution on the market, according to the international IT research and advisory company Gartner Group’s most recent report on mobility and security. SecuSUITE is an encrypted secure speech and data solution for mobile phones and tablet computers, certified by NSM and NATO (up to a defined level). With BlackBerry and SecuSUITE in its portfolio, Techstep will have a complete range of products which addresses the most rigorous security requirements.
Wizor, which was established in 2002 and has offices in Oslo and Stockholm, has long experience with mobile unit control, encryption and IT security solutions for mobile platforms. Through agreements with BlackBerry and Secusmart in Norway, Wizor has secured access to unique, world-leading encryption technology and certified secure solutions and applications used by governments, as well as armed forces and police in several countries. Although the company has only six employees, Wizor has several large customers who are subject to legal requirements and specific considerations with regards to protection of information, including the Oslo Stock Exchange, the Courts, and Rolls Royce Marine. The company had a turnover of NOK 13 million in 2017 and is experiencing robust demand in a market with considerable growth.
“We are experiencing a strong demand for simple, integrated mobile solutions from customers with high security requirements, but to be able to service a growing and demanding customer base, it is now time to industrialise our operations and become part of a larger company. With their sharp focus on mobile solutions, Techstep is a forward-thinking company with a unique customer base. We are looking forward to taking advantage of the opportunities that will open up when we join Techstep”, said Morten Holter, CEO of Wizor.
Wizor is currently owned by its founders and chair. The acquisition comprises all shares in the company. The purchase price of NOK 18.5 million will be paid through a cash settlement of NOK 5 million and NOK 13.5 million in Techstep shares (“the consideration shares”), as well as a potential earn-out of up to NOK 10 million, to be settled by 31 January 2021 at the latest, providing the earn-out terms are met. The consideration shares will be issued under the existing authorisation to Techstep’s board of directors to increase the company’s share capital, as adopted at the ordinary annual general meeting held on 26 April 2018. Signing of the agreement is subject to normal terms and is expected to be completed during the third quarter 2018.
Further information from:
Jens Haviken, CEO, Techstep ASA: +47 930 90 070
Marius Drefvelin, CFO, Techstep ASA: +47 958 95 690
About Techstep ASA
Techstep is positioning as a leading Nordic enabler of the digital workplace. Techstep’s “Mobile as a Service” (MaaS) offering is a one-stop-shop solution, which combines hardware, subscription & connectivity, mobile device management, managed services and related software, in addition to financing. The MaaS solution enables enterprises to let employees do their work across mobile devices and locations, with a high degree of security and operational stability. Techstep has approximately 220 employees based in Norway and Sweden, serving close to 6,000 customers and 641,000 end users across various industries in the private and public sectors. The company is listed on the Oslo Stock Exchange. For more information, please visit http://techstepasa.no/.