EQT Sells Cybersecurity Firm Utimaco to SGT in $500m Deal

EQT has agreed to sell a majority stake in cybersecurity company Utimaco to private equity firm SGT Capital.

The transaction is expected to close in the fourth quarter, subject to regulatory approvals, SGT Capital said in a statement. It didn’t disclose financial details. The deal is valued at about $500m, a person with knowledge of the matter said, asking not to be identified because the information is private. 

EQT will remain a minority investor in Utimaco, according to the statement. Private equity firms have announced $95bn in divestments of technology companies this year, more than double the volume from the same period last year,  according to data compiled by Bloomberg.

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Utimaco develops security hardware used for managing sensitive data and distributing cryptographic keys, as well as compliance solutions for telecommunication providers. It has more than 470 employees, according to the statement.

The company’s headquarters are in Aachen, Germany and Campbell, California. EQT’s mid-market fund agreed to take a majority stake in Utimaco in 2016.

Source: Yahoo Finance

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