OSLO, NORWAY: Techstep ASA has signed an agreement to acquire the entire share capital of Crypho AS, an end-to-end encrypted enterprise software as a service (SaaS) messaging and file-sharing application.
The acquisition price is NOK 10 million at enterprise value basis and is fully financed through a combination of share issue, earn-out and debt.
Crypho was established in Norway by security and cryptography specialists. The company delivers secure end-to-end encryption, chat, file sharing and video communication for organisations. Existing customers include segments such as law enforcement, government, health and other private sector businesses.
Through its managed mobility solution “SmartControl”, Techstep provides enterprises with mobile security. Crypho’s end-to-end encrypted messaging and file-sharing complements Techstep’s existing offering and delivers features relevant to any organisation.
“With the acquisition of Crypho, we continue to expand and strengthen Techstep’s product offering. We will bring Crypho’s unique technology and software solution to our customer base across Europe, providing easy to use, GDPR compliant and secure communication for any organsiations”, says Børge Astrup, Techstep CEO.
Crypho has an ARR of NOK 1.9 million, and Techstep expect a positive development during 2022. Techstep will leverage its platform and customer base to scale the technology and further develop the software solution with its in-house expertise and R&D capabilities. The acquisition is mainly related to technology and IP and Techstep will therefore not take on significant new costs following the acquisition.
Techstep is a complete mobile technology enabler, making positive changes to the world of work; freeing people to work more effectively, securely, and sustainably. We help customers who want to work smarter, while also delivering on their ESG commitments.
With more than 350 employees based in Norway, Sweden, Denmark, and Poland, we serve more than 2,000 enterprise customers in Europe. Techstep has NOK 1.3 billion in full year 2021 revenues, and is listed on the Oslo Stock Exchange under the ticker TECH.