Netbull Ltd acquired by ADACOM SA - April 2022
ADACOM SA, a subsidiary company of IDEAL Holdings, signed a Shared Purchase Agreement for the acquisition of 100% of Netbull Ltd.
Netbull was founded in 2013, by former Bull executives and provides Cybersecurity services with emphasis on Incident Response and Cyber Security Incident Monitoring & Prevention services, through a SOC (Security Operation Center) that uses artificial intelligence and machine learning technologies.
Netbull employs 42 employees out of which 90% are qualified cybersecurity executives. In 2021 the company had Revenues € 5.27 million, EBITDA € 1.05 million, Cash € 0.2 million and zero Debt. Netbull revenues are generated mainly from SOC as a Service & Security Incident service and its clientele includes large organizations of the public and private sector.
The amount to be paid is € 6.3 million and will be financed, upon completion, from ADACOM’s own funds and bank lending.
As part of the cooperation between the two companies, the cybersecurity teams of ADACOM & Netbull will join forces in order to further contribute to the protection of their customers from cyber-attacks, while at the same time the construction of a new state-of-the-art SOC is being completed, through which the cyber security services will be provided and which is expected to start operating by the end of summer 2022. It is estimated that in 2022 the two companies together will reach a turnover of € 20 million and EBITDA greater than € 2.5 million.
Netbull General Manager Mr. Nikitas Kladakis stated: “Netbull consistent with its goal of becoming one of the leading providers of cybersecurity services and technologies in SE Europe, has entered into an agreement with ADACOM, with the aim of expanding its activities both technologically and geographically. At the same time, it will be able to expand into new markets and clientele activities, with the financial support of IDEAL Holdings, in order to expand the integrated security technologies and the provided services to companies and organizations that trust its know-how for the last 9 years”.
The CEO of ADACOM, Mr. Panos Vassiliadis, commented: “We welcome the IDEAL Holdings family the executives and employees of Netbull. At IDEAL Holdings we innovate and invest to create value for our shareholders, partners and companies. With the acquisition of Netbull we achieve an important goal which is our empowerment in the field of security incidents response and SOC as a Service. At the same time, is being created one of the largest groups of cybersecurity executives in our country, with a common vision, ambitions and goals, which make us optimistic about our future course".
EY acted as the exclusive financial advisor to IDEAL Holdings for the transaction. Karatzas & Partners acted as legal advisor to IDEAL Holdings.