Sesa, a leading IT group based in Italy, has signed a partnership agreement through its wholly owned subsidiary Var Group to acquire a majority stake in Cyres Consulting Services GmbH.

Headquartered in Munich, Germany, Cyres is a leading player in technical and compliance consulting in cyber security for the automotive industry, with a focus on the entire production chain. With expected revenues in fiscal year 2022 of about Euro 5.5 million, an Ebitda margin of 25 percent, Cyres has plans for strong growth in the next three years as a result of the accelerated demand for cybersecurity in the automotive industry.

As a result of this transaction, the cybersecurity expertise of the Var Group Digital Security division is further strengthened, reaching a total of 200 professionals specializing in consulting and cybersecurity, with a strong European presence, particularly in the DACH Region.

The new partnership deal is part of the Sesa Group's broader strategy of investing in projects geared toward consolidating its vertical digital competencies in sectors of strategic importance to the European economy, supporting the digital transformation of businesses and organizations. Sesa Group thus continues to fuel its growth path through M&A in sectors strategic to its development, such as cybersecurity, with a policy of sustainable value generation for stakeholders.

"With the entry of one of Europe's leading players in cybersecurity consulting into our digital security organization, we constitute one of the largest and most advanced Central European hubs of cybersecurity expertise, with a total of 200 professionals alongside major European manufacturing districts. At a time when threats and cyber-attacks are increasingly critical and pervasive for businesses and organizations there is a growing and strong need to strengthen organizational and digital security", said Francesca Moriani, CEO of Var Group, and Mirko Gatto, CEO of Var Group Digital Security.

"The automotive industry, in which we have been operating for years with a strong specialization focus, is in the aftermath of regulatory changes and technological evolutions that bring about a great acceleration in the demand for digital security. Joining Var Group Digital Security organization and Sesa Group will enable us to further accelerate the growth of innovative skills and solutions for the benefit of our customers", added Philipp Veronesi, Founder and Managing Partner of Cyres Consulting.