Sweden’s CR Group Nordic AB will own the formerly separate unit of Fox-IT.
Fox-IT has been under NCC Group, a British company, since 2015. However, Fox Crypto was a separate business unit focused on protecting classified government information, such as state secrets. To this end, it offers cryptographic products for media and file encryption, network security, domain separation, secure mobile communications and encryption key management.
NCC Group states that the sale of Fox Crypto is strategic. It intends to simplify the business “to focus resources and future investment into growing the Cyber Security services business, with Fox-IT at the heart of the Group’s efforts to grow and deliver on its purpose to even more clients in Benelux and across Europe.”
Future Fox Crypto
Like Fox Crypto, the new owner, CR Group Nordic AB, has a strong presence in the public sector. This party focuses particularly on cybersecurity solutions for Europe, taking legislation into account. The solutions are designed to protect highly sensitive information. This also explains the acquisition of Fox Crypto, whose services can provide similar security. CR Group Nordic AB has customers from the military and civil society institutions in Sweden, the EU and NATO.
According to its LinkedIn page, 51 to 200 people work at Fox Crypto, which is based in Delft. The intention is to retain all of them.
The sale of Fox Crypto is not entirely unexpected. It has been known since last year that this business division of Fox-IT is in the shop window. Former CEO Inge Bryan even stayed on temporarily to assist in selling Fox Crypto. According to a document, the sale now brings in 77 million euros.
The acquisition is expected to be completed by October. However, regulators still need to review the acquisition.