Secutec strengthens international growth ambitions with new strategic partner Indufin
From left to right: Jean-Francois Vryens and Joris Rome (Indufin), Geert Baudewijns, Bart De Maeyer and Yves Pauwels (Secutec)
Aartselaar, Jan. 8, 2024 – Cybersecurity specialist Secutec announces that it reached an agreement whereby Indufin Investment Fund joins its capital as a strategic investor. Current shareholders Geert Baudewijns and Bart De Maeyer together retain the majority of shares. Secutec CEO Geert Baudewijns: “This strategic partnership allows us to further expand Secutec internationally and play a leading role in the European cybersecurity landscape.”
Since its founding by Geert Baudewijns in 2005, Secutec has become an authority when it comes to cybersecurity solutions and services. In recent years, the shareholders have successfully transformed Secutec from a security system integrator into a security vendor that develops its own innovative solutions. Today, Secutec is already focusing on four proprietary solutions and services: SecureDNS, SecureSIGHT, SecureRESPONSE and SecureCARE. In addition, Secutec also offers specialized fraud monitoring services to financial institutions. Turnover has grown significantly in recent years, reaching over 20 million euros by 2023.
In the coming years, management aspires to continue this remarkable growth, mainly through its own solutions. “The potential is there, we are already experiencing that today with our partners,” knows Geert Baudewijns, CEO of Secutec. “Our state-of-the-art security solutions offer customers a necessary addition to their existing infrastructure to ensure faster and more accurate security.”
Secutec’s growth plans focus primarily on commercializing its self-developed solutions internationally. Demand for these solutions and services has risen sharply in recent years. In addition, the management sees opportunities to further expand the product and service portfolio, both organically and through strategic acquisitions, in order to build a strong center of expertise around cybersecurity. To this end, a new site has already been purchased, strategically located along the A12 motorway on the Brussels-Antwerp axis, on which an office complex tailored to growth will be built. The construction of this high-tech cybersecurity center will start this year and will be commissioned by the end of 2025.
In order to realize all these ambitious growth plans, Secutec has been looking for a new investor to support the management in the international commercialization and further development of Secutec’s organization.
“With Indufin, we have found a partner that not only has a strong track record in software and IT services companies such as AXI, Cheops and Securelink, but can also assist us in strategic buy-and-build opportunities. Moreover, we share with Indufin the family values that make Secutec unique,” says Geert Baudewijns, CEO of Secutec.
Joris Rome, Partner at Indufin, further adds: “ We look forward to working with Geert and Bart and the entire company to pursue further sustainable growth, with respect for Secutec’s DNA. We are extremely excited about the future cooperation and see – under the continued leadership of Geert and Bart – enormous potential for additional international development.”
Indufin is the investment vehicle of the Belgian group De Eik (founded by the entrepreneurial Van Waeyenberge family) and several other Belgian families. The shareholders and management of Indufin have a stable and long experience in supporting Belgian companies.
Indufin focuses on value creation by being a sounding board for the day-to-day management, by providing insights to take the company to the next level and by using an extensive relationship network.
Secutec becomes the fifth stake in Indufin’s current portfolio alongside technical maintenance company Yontec, communications agency Springbok, garden tool and do-it-yourself equipment distributor Varo and Penne, a supplier of complex metal and plastic components.