Investcorp, the alternative asset manager that counts Mubadala Investment Company as its biggest shareholder, bought a majority stake in Italian cybersecurity company HWG as the Bahrain-based firm continues to expand its portfolio globally.
Investcorp Technology Partners (ITP), which focuses on technology companies based in Europe, acquired the stake in HWG, Investcorp said in a statement on Tuesday.
It did not disclose the value or size of the deal.
HWG co-founder and chief executive, Enrico Orlandi, and its other co-founders, Claudia Rangogni, Andrea Boni and Andrea Pomari, will continue to lead the company after retaining their ownership alongside Investcorp.
“HWG offers a distinct platform in an important and growing sector, and has proven its cybersecurity capabilities as a leading independent provider in the Italian market,” Gilbert Kamieniecky, head of Investcorp’s technology private equity business, said.
Cybersecurity is gaining importance for many businesses due to the accelerated adoption of technology during the coronavirus pandemic.
The number of ransomware attacks surged by 151 per cent worldwide in the first half of 2021 as cyber criminals sought to tap into a growing global digital economy and exploit people and businesses seeking to digitise their operations, according to the World Economic Forum.
Overall, cyber criminal activities were projected to have inflicted damages worth about $6 trillion globally in 2021, according to research company Cybersecurity Ventures.
The investment in HWG is the first by ITP's Fund V and marks the third cybersecurity transaction the unit has been involved in during the past two years. ITP previously acquired German cybersecurity provider Avira in 2020, which was subsequently sold to NortonLifeLock, according to Investcorp.
ITP invests primarily in lower mid-market technology companies with a specific focus on the data analytics, IT security and FinTech sectors. Its other investments include payments platform Rtekk, human resources software provider softgarden, Calligo, a proprietary cloud solution company and Impero, a provider of online student safety and classroom and network management software.
HWG, which also has offices in Lithuania's capital Vilnius, Dubai and Singapore, serves businesses in a number of sectors including finance, fashion, automotive, telecommunications and manufacturing.
Investcorp had $40.4 billion in total assets under management as of December 31, including assets managed by third-party managers. The company aims to more than double its assets under management to $100bn in seven years' time, from $37.6bn as of June, its executive chairman Mohammed Alardhi told Bloomberg in September.
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The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
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Volunteers offer workers a lifeline
Community volunteers have swung into action delivering food packages and toiletries to the men.
When provisions are distributed, the men line up in long queues for packets of rice, flour, sugar, salt, pulses, milk, biscuits, shaving kits, soap and telecom cards.
Volunteers from St Mary’s Catholic Church said some workers came to the church to pray for their families and ask for assistance.
Boxes packed with essential food items were distributed to workers in the Dubai Investments Park and Ras Al Khaimah camps last week. Workers at the Sonapur camp asked for Dh1,600 towards their gas bill.
“Especially in this year of tolerance we consider ourselves privileged to be able to lend a helping hand to our needy brothers in the Actco camp," Father Lennie Connully, parish priest of St Mary’s.
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“More than daily food, they are worried about not sending money home for their family,” said Kusum Dutta, a volunteer who works with the Indian consulate.
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- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
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How to register as a donor
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4) The campaign uses the hashtag #donate_hope
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Out
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- Nayef Hamidi Al Fayez, Minister of Environment
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Sector: HealthTech / MedTech
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MATCH INFO
Alaves 1 (Perez 65' pen)
Real Madrid 2 (Ramos 52', Carvajal 69')
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Real Madrid 1 (Asensio 70'), Ajax 4 (Ziyech 7', Neres 18', Tadic 62', Schone 72')
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The biog
Age: 35
Inspiration: Wife and kids
Favourite book: Changes all the time but my new favourite is Thinking, Fast and Slow by Daniel Kahneman
Best Travel Destination: Bora Bora , French Polynesia
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