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CapMan Buyout invests in fast-growing cybersecurity and IT services provider Netox


CapMan Buyout press release
July 08 2022 at 10:00 AM EEST

CapMan Buyout invests in fast-growing cybersecurity and IT services provider Netox

CapMan Buyout has entered into an agreement to invest in fast-growing cybersecurity and IT services provider Netox. The company holds a unique offering and business model, especially suitable for SMEs and public sector clients. The company has grown rapidly over the past years, all the while building and maintaining a strong winning culture and attracting highly skilled professionals within the sector. CapMan Buyout will acquire a majority equity stake in the company, Netox founder and CEO Mikko Luhtaniemi and current Chairman of the Board, Niko Candelin, together with other key employees, will continue as significant shareholders in the company.

Netox was founded in 2004 by Mikko Luhtaniemi, currently CEO. Niko Candelin, currently Chairman of the Board and Chief Enterprise Architect at the company joined shortly after. The company’s core businesses are Cyber Security, Cloud, Server and Network services, which are up to 80% recurring revenue. Netox’s combination of a broad IT service offering, and an advanced end-to-end IT security offering puts them in a unique market position, especially towards SME and public sector clients who favour a one-stop shop partner. Currently, the company serves over 100 customers of which many are well recognized, fast-growing, and internationalising Finnish companies and societally significant public sector players.

Netox operates in a growing market, driven especially by growth in cybersecurity services, and has grown at rates exceeding market growth. Since 2019, Netox has achieved sales growth of 80% per annum. Simultaneously, the company has managed to attract high-calibre experts and management, growing from 74 employees in 2020 to 129 employees in 2022. The company still holds a relatively small market share, and is in an excellent position to continue its accelerated growth.

“We are very excited about partnering up with CapMan for the next part of our journey. We have grown fast in recent years, but we see this as just the beginning. As we continue to expand, the key for us will be to continuously develop our internal processes and business model in order to always be the most trusted partner for our clients in meeting their IT and cybersecurity needs. Together with CapMan, we’ll be able to take the company to the next level in a sustainable way with a long-term vision,” says Mikko Luhtaniemi, CEO at Netox.

“We are highly impressed by the Netox team, their strong expertise and impressive growth story. The founding team and management have done an excellent job in developing the company to what it is today. Already from the first meeting, we also felt a strong alignment and shared vision on the future, and what it will take for Netox to continue to outperform. We are excited to get the opportunity to partner with Netox, and together strengthen the company’s ways of working to support the continued high growth expected. As a niche market leader with a winning culture, the company is perfectly aligned with CapMan Buyout’s investment strategy,” says Pia Kåll, Managing Partner at CapMan Buyout

CapMan acquires a majority equity stake in the company. Mikko Luhtaniemi, Niko Candelin and other key employees continue as significant minority owners of the company. Bocap’s growth fund (Bocap SME Achievers Fund II Ky) sells all their shares in the transaction.

The CapMan Buyout team comprises of investment professionals working in Helsinki and Stockholm. The funds managed by CapMan Buyout invest in medium-sized, unlisted companies in the Nordic countries. The investment in Netox is the sixth investment from the CapMan Buyout XI fund. The transaction is expected to close in July 2022.

For more information, please contact:

Pia Kåll, Managing Partner at CapMan Buyout, +358 40 766 4446

Mikko Luhtaniemi, CEO at Netox Oy, +358 40 509 6530

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. As one of the private equity pioneers in the Nordics we have built value in unlisted businesses, real estate, and infrastructure for over three decades. With over €4.7 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. We are dedicated to set science-based targets to reduce our greenhouse gas emissions in line with the Paris Agreement. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover minority and majority investments in portfolio companies and real estate, and infrastructure assets. We also provide wealth management solutions. Our service business includes procurement and analysis, reporting and back office services. Altogether, CapMan employs approximately 180 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We have been listed on the Nasdaq Helsinki since 2001. Read more at

About Netox

Founded in 2004, Netox provides a unique combination of cybersecurity and IT by combining top expertise from international research, leading technology solutions, award winning customer support team and industry’s best practices with a strong focus on cybersecurity. Netox has offices in three different locations nationwide (Oulu, Tampere and Helsinki) and also acts as a trusted partner of both public and private sector. Netox’s vision is to be the Customer’s most trusted and valued partner with a mission to enable and secure their Customer’s business continuity and help them to achieve and maintain both technical and operative edge in the digital world. Netox is committed to sustainable development with values that guide all Netox’s operations, including: sustainability, reliability and expertise.

Netox’s services have the most important international certifications with regular and independent audits:

  • ISO 9001 quality management certificate
  • ISO 27001 certificate for information security management systems
  • 20000-1 Service Management Systems Certificate
  • ISO 14001 Environmental management system