Nordic cybersecurity player Nixu has laid out plans to hit €100m revenues by the end of next year and just shy of €200m in the next five years as part of a new set of financial targets announced today.
The Finland-based MSSP is aiming to grow revenues organically by 15 to 25 per cent every year until 2024, which could see it hit €195.44m by the end of its five-year plan.
Revenues last year reached €40m.
In addition, Nixu is aiming for continued M&A activity to the tune of around 10 per cent inorganic growth each year.
Nixu also plans to expand its coverage across northern Europe to five countries, with revenues in each exceeding €25m each year.
The firm currently has offices in four countries: Finland, Sweden, Denmark and the Netherlands.
As a group, Nixu CEO Petri Kairinen wants the firm to break through €100m as early as next year.
To facilitate all this growth, Nixu sees the need to significantly raise its headcount from around 400 to 1000 by the end of 2023.
Kairenen said that he sees a need to prepare for "the maturation" of the cybersecurity market in northern Europe.
"The cybersecurity market is still very fragmented and immature". He said.
"The company expects the market to consolidate and mature over the next five years so that clients will increasingly place their trust in a limited number of larger companies.
"To keep up with this development as the market continues to grow, Nixu needs to build up itself to become a much bigger entity by growing faster than the market."
In a presentation to investors and employees, Nixu pointed to its past record of rapid growth.
Nixu's last five year plan saw it grow at a compound annual growth rate of 27 per cent from €12m to €40m, following its IPO in 2014.
And since 2013, the MSSP has grown sales by a stellar 235 per cent.
According to Kairinen, what has helped the Espoo-based firm is its aggressive acquisitive streak.
Nixu organically expanded into the Netherlands in 2015 and acquired Europoint networking and Safeside Solutions in Sweden shortly afterwards. It also set up a subsidiary in San Jose, California.
In 2017, it bought up Dutch support services firm ESSC for an undisclosed sum.
And Danish firm Ezenta was snapped up in March this year, for €5.25m, in addition to 84,960 shares.
It was shortly followed again by the acquisition of cyber threat intelligence team of Swedish provider Vesper Group.
In its full-year 2018, Nixu reported a €1.45m loss. But the firm is targeting an EBITDA margin of 15 per cent every year until 2024.
It also wants to make higher margin "managed continuous services" account for 50 per cent of its revenues by the end of the five-year period.
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