DNV strengthens cyber security offering with acquisition of Nixu Ship’s crew

International classification society and risk management firm DNV have announced plans to acquire Helsinki-based cybersecurity firm Nixu.

Under the terms of the agreement, DNV will acquire over 93% of Nixu’s shares and acquire the remaining shares prior to Nixu’s delisting from the Nasdaq Helsinki Stock Exchange. DNV has already launched a public takeover bid for the remaining shares.

According to DNV, the deal is valued at €98 million (about US$107 million) and will create one of Europe’s fastest growing cybersecurity companies with a team of more than 500 cybersecurity professionals.

The new Cyber ​​Security Services division will provide a market-leading portfolio of consulting and services to manage cyber risk and build resilience across multiple industries, from energy and marine to telecom and financial services. The deal will also merge the two companies’ cybersecurity certification businesses.

DNV President and CEO Remi Eriksen said the companies would work together to make cyberspace safer and manage emerging risks for over 100,000 customers and their supply chains.

“In this decade of change, fulfilling our goal of protecting life, property and the environment is no longer limited to risk management for physical systems – it must now encompass many distributed and interconnected cyber-physical systems,” said Eriksen.

The acquisition comes amid the ever-growing cyber threat to maritime assets and critical infrastructure. DNV itself was the victim of a cyberattack earlier this year when its fleet management software fell victim to a ransomware attack that affected around 1,000 ships.

Teemu Salmi, CEO of Nixu, will lead the new company, which will include experts from DNV, Nixu and Applied Risk, an industrial cybersecurity specialist acquired by DNV in 2021. The combined company will have operations across Europe, including in Norway, Finland, Sweden and Denmark, the Netherlands, Germany and Romania.

“This is an exciting time. With more than 500 cyber security professionals and expertise in various disciplines, we are creating a leading European cyber security services company. We have the scale to deliver even greater value to our customers and to be an exceptional place for cybersecurity professionals to work,” said Teemu Salmi, CEO of Nixu.

DNV said its focus will be on rapid organic growth as well as pursuing strategic acquisitions and partnerships on a global scale.

DNV has initiated a subsequent offer period for Nixu shares with a notice period of 4:00 p.m. EET on June 26, 2023.

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