Hornetsecurity Agrees to Acquire Software Solutions Provider Altaro to Create International Cloud Security and Compliance Software Platform
Transformative acquisition by Hornetsecurity to establish pan-European solution to security and compliance issues in the Microsoft 365 environment
Hanover, Germany –Hornetsecurity Group, a leading European provider of cloud-based email security and data protection headquartered in Germany, today announced that it has agreed to acquire Altaro, a high-growth international provider of reliable backup solutions. The acquisition will transform the company from being a regional leader in cloud email security to an international cloud security and compliance platform.
Altaro provides cloud back-up software for Microsoft Office 365 and virtual machine (VM) software focused on mid-market and SMEs. Headquartered in Malta with offices in the UK, Germany, France, North Macedonia and the US, Altaro serves over 50,000 customers across more than 120 countries.
This transaction will significantly expand Hornetsecurity’s international presence and product range, making the company a pan-European solutions provider to security and compliance issues in the Microsoft 365 environment. As part of the transaction, Altaro’s founders will be appointed into management roles within Hornetsecurity.
The transaction is supported by Hornetsecurity’s shareholders Verdane, the Northern European specialist growth equity investor and PSG, a leading growth equity firm partnering with lower middle-market software and technology-enabled service companies.
“We’re thrilled to welcome the Altaro team to help drive the next phase of our growth,” said Daniel Hofmann, CEO of Hornetsecurity. “As we look to provide all organisations with a complete security and compliance solution for their use of cloud technologies, integrating Altaro’s backup solutions into Hornetsecurity’s email cloud security product portfolio will complete the comprehensive security package puzzle.”
David Vella, CEO of Altaro, added: “We have found exactly the right strategic buyer in Hornetsecurity and are delighted to become part of the group. The two companies’ existing business lines complement each other perfectly, and by combining these along with our pooled industry experience and know-how, we are confident in Hornetsecurity’s ability to become the European market leader in cloud security.”
Financial terms of the transaction were not disclosed.