News Post on 23 May 2022

Wildgen Advised Excellium Services in its Takeover by Thales Group

_Wildgen is delighted to have assisted Excellium Services, a leading cybersecurity company in Luxembourg and Belgium, in its takeover by Thales Group, a global technology leader. This new agreement has been signed with Sonae Investment Management in order to acquire the holding company Maxive Cybersecurity that consolidates two of Europe’s leading cybersecurity companies: Excellium Services and S21sec.

This acquisition will complement Thales’ cybersecurity portfolio, strengthening its incident detection and response services (Security Operations Centre) as well as consulting, audit and integration services. It will bring an extensive industrial expertise and a solid, diversified customer base of industrial companies and critical infrastructure providers, including in the financial services, government and public services, which accounted for more than 50% of its revenue in 2021. With 75% of staff at 9 sites in Spain and Portugal, and 25% in Luxembourg and Belgium, it will also materially expand Thales’s European cybersecurity footprint, building on the companies’ strong history of innovation and leadership in cybersecurity.

With 546 employees, S21sec and Excellium Services businesses together generated 59 million euros in sales in 2021. The acquisition, for an enterprise value of 120 million euros, is an important step forward for Thales in the highly dynamic market for cybersecurity consulting and managed services, which anticipates significant growth between 2020 and 2025.

This acquisition will also extend the market leadership of Excellium Services' cybersecurity business. Among the benefits, this operation is an opportunity for Excellium Services to further innovate and establish its cybersecurity leadership within a global organisation, fully dedicated to digital and technological innovation, connectivity, big data, AI-driven cybersecurity, quantum technologies and defence.

Xavier Vincens, Excellium Services Managing Partner said, "We are very excited to initiate this new chapter within Thales Group, as we believe this transaction will expand Excellium's skills, expertise, experience and services on a global scale."

Partner Lionel Bonifazzi and Senior Associate Vincent Michel, both member of Wildgen's Corporate and Tax Practice Groups, who have been providing Excellium Services with legal assistance since 2015, wish them great success in this new chapter.

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