Investcorp, the alternative asset manager that counts Mubadala Investment Company as its biggest shareholder, bought a majority stake in Italian cybersecurity company HWG as the Bahrain-based firm continues to expand its portfolio globally.
Investcorp Technology Partners (ITP), which focuses on technology companies based in Europe, acquired the stake in HWG, Investcorp said in a statement on Tuesday.
It did not disclose the value or size of the deal.
HWG co-founder and chief executive, Enrico Orlandi, and its other co-founders, Claudia Rangogni, Andrea Boni and Andrea Pomari, will continue to lead the company after retaining their ownership alongside Investcorp.
“HWG offers a distinct platform in an important and growing sector, and has proven its cybersecurity capabilities as a leading independent provider in the Italian market,” Gilbert Kamieniecky, head of Investcorp’s technology private equity business, said.
Cybersecurity is gaining importance for many businesses due to the accelerated adoption of technology during the coronavirus pandemic.
The number of ransomware attacks surged by 151 per cent worldwide in the first half of 2021 as cyber criminals sought to tap into a growing global digital economy and exploit people and businesses seeking to digitise their operations, according to the World Economic Forum.
Overall, cyber criminal activities were projected to have inflicted damages worth about $6 trillion globally in 2021, according to research company Cybersecurity Ventures.
The investment in HWG is the first by ITP's Fund V and marks the third cybersecurity transaction the unit has been involved in during the past two years. ITP previously acquired German cybersecurity provider Avira in 2020, which was subsequently sold to NortonLifeLock, according to Investcorp.
ITP invests primarily in lower mid-market technology companies with a specific focus on the data analytics, IT security and FinTech sectors. Its other investments include payments platform Rtekk, human resources software provider softgarden, Calligo, a proprietary cloud solution company and Impero, a provider of online student safety and classroom and network management software.
HWG, which also has offices in Lithuania's capital Vilnius, Dubai and Singapore, serves businesses in a number of sectors including finance, fashion, automotive, telecommunications and manufacturing.
Investcorp had $40.4 billion in total assets under management as of December 31, including assets managed by third-party managers. The company aims to more than double its assets under management to $100bn in seven years' time, from $37.6bn as of June, its executive chairman Mohammed Alardhi told Bloomberg in September.
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About RuPay
A homegrown card payment scheme launched by the National Payments Corporation of India and backed by the Reserve Bank of India, the country’s central bank
RuPay process payments between banks and merchants for purchases made with credit or debit cards
It has grown rapidly in India and competes with global payment network firms like MasterCard and Visa.
In India, it can be used at ATMs, for online payments and variations of the card can be used to pay for bus, metro charges, road toll payments
The name blends two words rupee and payment
Some advantages of the network include lower processing fees and transaction costs
UAE currency: the story behind the money in your pockets
Takreem Awards winners 2021
Corporate Leadership: Carl Bistany (Lebanon)
Cultural Excellence: Hoor Al Qasimi (UAE)
Environmental Development and Sustainability: Bkerzay (Lebanon)
Environmental Development and Sustainability: Raya Ani (Iraq)
Humanitarian and Civic Services: Women’s Programs Association (Lebanon)
Humanitarian and Civic Services: Osamah Al Thini (Libya)
Excellence in Education: World Innovation Summit for Education (WISE) (Qatar)
Outstanding Arab Woman: Balghis Badri (Sudan)
Scientific and Technological Achievement: Mohamed Slim Alouini (KSA)
Young Entrepreneur: Omar Itani (Lebanon)
Lifetime Achievement: Suad Al Amiry (Palestine)
Killing of Qassem Suleimani
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Russia's Muslim Heartlands
Dominic Rubin, Oxford
ULTRA PROCESSED FOODS
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;
- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,
- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.
MATCH INFO
New Zealand 176-8 (20 ovs)
England 155 (19.5 ovs)
New Zealand win by 21 runs
FORSPOKEN
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