Invest in Finland

Leading Nordic digital security companies to merge 

05/04/2006

On 24th March 2006, Secode AB, a leading Nordic digital security company, announced that it has signed a merger agreement with Netsol Oy, a Finnish company specialising in IT security. According to a statement, a final decision on the merger, which will be carried out through an exchange of stock, will be made at the end of April.

According to a Secode press release, the merger will allow the company to sell its existing services on the Finnish market, while services provided by Netsol will expand Secode’s service offering in other markets. According to Secode, a service of particular interest is 24/7 secure mail, calendar and back-up for mobile units including mobile phones.

Further European expansion to be evaluated

In its press release, Secode said “We continue to focus on IT security, which becomes more important as challenges and complexity grow. This provides opportunities for a focused and important player such as Secode. A steadily growing number of customers will benefit from outsourcing IT security operations to an external and focused supplier.” Secode also said that will eventually evaluate further European expansion, a strategy made possible by the universal nature of the services it provides and the fact that these services can be efficiently supplied from a Nordic base.

Founded in 1996, Helsinki-based Netsol recorded turnover of EUR 3.3 million in 2005 and employs 27 people. Secode AB was formed in January 2004 by a merger between the Norwegian company System Sikkerhet A/S (established in 1986) and Secode, which started its 24/7 managed security services and security consulting in Sweden in 2000. According to Secode, it will employ 90 people once the merger has been completed and net sales in 2006 are expected to total EUR 14.5 million.

Further information:

http://www.secode.com/page.php?pageID=10204&languageID=1