Fox-IT parent company NCC Group is offloading Fox Crypto. The separate BV is being acquired by investment company CR Group for a sum of 77 million. Fox Crypto is the business unit responsible for safeguarding Dutch state secrets.
NCC Group announced in a press release that it is permanently divesting Fox Crypto. NCC Group is the parent company of renowned cybersecurity firm Fox-IT, known for its incident response capabilities and the operation of Fox Crypto, a BV under its umbrella. Fox Crypto is primarily recognized for ensuring the security of Dutch state secrets.
This division is now being sold to CR Group Nordic AB, an established Swedish security company. Its clientele includes clients in the defense sector across Europe and NATO. Although the acquisition amount is not disclosed by the company itself, analysts estimate it to be 77 million euros, paid in cash. The acquisition is slated for completion in October this year, subject to regulatory approvals.
NCC Group cites a desire to 'simplify the portfolio' and concentrate primarily on cybersecurity as the reason for divesting Fox Crypto. Fox-IT plays a vital role in this strategy. The company has not indicated whether the Fox-IT brand will be phased out. Situated in Delft, Fox Crypto currently employs 144 individuals, all of whom are expected to remain with the company under CR's ownership.
The sale does not come as a surprise. Last year de Volkskrant reported that NCC Group was actively seeking a buyer to divest Fox Crypto. NCC Group states that the new investment will enable Fox Crypto to 'enhance its leadership position in the development and support of high-quality cryptographic products'.
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