The deal is the MSSP’s second security-related acquisition in the past four months. Terms of the agreement were not disclosed by either company. Avensus, backed by private equity firm Holland Venture, did say that the AuditConnect buyout will urge it closer to its target revenue goal of $60 million.
Avensus, which claims to be the leader in the Benelux (Belgium, The Netherlands and Luxembourg) region’s cloud and managed security services market, said it had a number of reasons to do the AuditConnect deal:
- Fits with its “buy-and-build” growth strategy. Avensus said it intends to become a versatile IT player by acquiring several subsidiaries that function as flexible specialists in their own niche. Avensus said it has “multiple companies on our radar” to potentially acquire.
- Revenue growth. The deal pushes Avensus closer to its sales goal for the year. In February, when Avensus acquired a majority stake in ICT Vision, a Dutch MSSP, it claimed $17 million in annual sales. Post AuditConnect, Avensus managing director Ed Trautig said the tie-in lends “concrete substance to our ambition" to lead the market and brings the company "closer to our ambition to grow to a turnover of this year."
- Transformation. Marks another step in Avensus’ transformation into a cloud security-focused MSSP from its prior focus on delivering IT services to the healthcare, government and financial industries.
- Surging market. Capitalizes on the demand for cloud security services in the Benelux geography.
"In every organization, the vulnerabilities lie not only in the technical field, but also in human actions," said Abram Schermer, an Avensus managing director. "In this area, AuditConnect is very much at home. All our customers need concrete support in this area. The collaboration with AuditConnect strengthens our team."
Avensus segments its business into two wings: security and cloud solutions, with offerings in cloud security, malware, data protection, cloud technology and transition to the cloud. Acquired companies such as AuditConnect and ICT Vision are specialized business units within its overall organization.