EQT to Sell Network and Cybersecurity Provider Open Systems to Swiss Post
By Dominic Chopping
STOCKHOLM--EQT, together with its co-shareholders, plans to sell network and cybersecurity provider Open Systems to Swiss Post, it said late Wednesday.
The Swedish buyout group bought a majority stake in Switzerland-based Open Systems in 2017 and the company's revenue has almost doubled while earnings before interest, tax, depreciation and amortization has more than tripled since.
Open Systems also built a managed extended detection and response division, which was carved out in 2023 and now operates as a standalone company under the brand Ontinue, which will be retained by EQT.
Financial terms weren't disclosed.
Completion is expected in the fourth quarter of 2024, subject to regulatory approvals.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
September 19, 2024 01:49 ET (05:49 GMT)
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