ADACOM acquires Netbull Ltd.

 

ADACOM SA , a  subsidiary company of IDEAL Holdings, signed a Shared Purchase Agreement for the acquisition of 100% of Netbull Ltd. (“Netbull”).

Netbull (www.netbull.gr) 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 – Security Center (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. It is estimated that in 2022 the two companies together will reach a Turnover of € 20 million and EBITDA greater than € 2.5 million.

EY acted as the exclusive financial advisor to IDEAL Holdings for the transaction. Karatzas & Partners acted as legal advisor to IDEAL Holdings.

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