The Italian multinational Innovery, specialising in cybersecurity and operated by the Wise Equity fund, has reached an agreement to acquire 100% of Open3S, which offers services and solutions in the same area, as well as data analytics and IT infrastructure. Innovery highlighted the innovative approach and high technological competence of the Spanish company, which it describes as a pacesetter capable of transforming organisations' data into value.

This operation, not only strengthens Innovery's  presence in Spain, but also its international weight in the cybersecurity management industry. The company has been present in Spain since 2008, mainly with B2B solutions for various national and international banking groups' online businesses. It now plans to leverage Open3S' experience and customer base to expand its offering in Spain and Latin America.

European presence
Specifically, Innovery estimates that it will be able to double its turnover in these markets to around 15 million euros in revenue. At present, the technology company is mainly established in Europe, where it is growing through the acquisition and integration of specialised companies. Its turnover in 2021 exceeded 55 million euros, 15% more than in the previous year.

In 2021, the Italian company had a workforce of over 380 employees working at ten sites in Italy, Spain and Mexico. With the integration of over 30 people located at the acquired company's headquarters in Barcelona, its workforce will now exceed 400 employees. Juan Manuel Pascual, founder and until now CEO of Open3S, will continue to lead the group in Spain and Mexico.

Innovative DNA
Pascual described the deal as, "a great opportunity to grow together and, at the same time, to continue to maintain the innovative and differential DNA that has always been Open3S’ mission. As part of the Innovery family, we will continue to support our customers by providing maximum value."

Innovery CEO Gianvittorio Abate described an environment in which "companies around the world are facing momentous challenges in the cybersecurity industry", and explained,, "Through this acquisition, the group is taking a step forward in its expansion strategy for the Iberian market, a market in which we have had a presence since 2008 and in which we will be able to compete more strongly with other large groups specialised in cybersecurity. Today, thanks to the integration of Open3S' know-how, we will be able to offer an even more comprehensive range and increase our competitiveness."

Ilaria Montefusco, Investment Manager for Wise Equity, said that with this integration "the Innovery Group is strengthening its presence in the strategic Iberian market, which offers significant scope for growth."

^{Photo: Innovery}