Nordic Capital is exploring a potential €2 billion sale of Conscia, its portfolio company specializing in cybersecurity and IT services, as private equity firms seek exits amid stabilizing valuations in the tech sector.[1]
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Deal Background and Rationale
Conscia, acquired by Nordic Capital in 2021, provides managed security services, cloud solutions, and digital infrastructure to enterprises across Europe. The firm has grown revenue through organic expansion and bolt-on acquisitions, capitalizing on rising demand for **cybersecurity services in Europe**. Sources indicate Nordic Capital is working with advisors to gauge interest from strategic buyers and rival private equity funds, targeting a valuation reflecting Conscia’s recurring revenue streams and EBITDA margins above 15%.
Market Context for Private Equity Exits in Cybersecurity
The potential divestiture aligns with accelerating **private equity exit strategies in SaaS and cybersecurity** as of early 2026. European PE dry powder exceeds €300 billion, per Bain & Company’s latest global PE report, with cybersecurity assets commanding premiums due to persistent threats like ransomware and supply chain attacks. Comparable deals include Thoma Bravo’s €1.8 billion sale of Darktrace stakes and EQT’s exit from WithSecure, both achieving 12-15x EBITDA multiples.
| Deal | Buyer/Seller | Valuation (€B) | Multiple | Date |
|---|---|---|---|---|
| Conscia (Potential) | Nordic Capital | 2.0 | ~14x est. | 2026 |
| Darktrace Stake | Thoma Bravo | 1.8 | 13x | 2025 |
| WithSecure | EQT | 1.2 | 12x | 2024 |
Strategic Implications and Buyer Landscape
- Strategic acquirers: Firms like Accenture, Atos, or Orange Business Services eye Conscia to bolster **cross-border M&A trends in European cybersecurity**, enhancing service portfolios amid EU NIS2 Directive compliance pressures.
- PE competition: KKR and Blackstone, active in adjacent IT services, could pursue tuck-in opportunities, per McKinsey’s 2026 M&A outlook citing 20% YoY increase in tech PE activity.
- Risks: Regulatory scrutiny under EU merger rules and integration challenges in fragmented markets may temper bids.
Industry Outlook
Goldman Sachs forecasts cybersecurity M&A to reach $50 billion globally in 2026, driven by AI-enhanced threats. For Nordic Capital, a Conscia exit would mark a strong return, following its 3x MOIC on prior IT holdings. Deal advisors anticipate auctions to launch Q2 2026, with final terms hinging on macroeconomic stability.[1]
Sources
https://www.investing.com/news/company-news
