French cybersecurity vendor Wallix, a specialist in privileged access, raised 5.5 million euros in an express fundraising operation on the night of June 8-9, 2023. Wallix completed the operation with a convertible bond issue of 5 million euros, subscribed by funds managed by NextStage. In total, the company raised 10.5 million euros to support its external growth, as part of its “Unicorn 25” plan.
Wallix exceeded its stated objective of raising 4 million euros in two separate rounds of financing. The first, aimed at institutional investors, raised 4.4 million euros, while the second, reserved for retail investors via the PrimaryBid platform, generated 1.1 million euros.
These funds will enable Wallix to acquire companies specializing in access management and industrial cybersecurity. In May 2023, for example, the company acquired French Kleverware, a specialist in access and identity governance. During the presentation of its 2022 results, Wallix specified that it was studying “numerous targets in the French and European cybersecurity ecosystem“.
“The cybersecurity market is booming and in perpetual motion, and Wallix’s ambition has always been to support businesses in their digital transformation. With this capital increase and bond issue, Wallix is giving itself the means to accelerate the external growth component of its Unicorn 25 plan to build an ambitious sovereign cybersecurity offering in Europe“, commented CEO Jean-Noël de Galzain.
Wallix, European leader in the privileged access market, aims to increase its sales to 100 million euros by 2025, with an operating profitability of 15%. In 2022, the company has invoiced a quarter of this amount (25.17 million euros). These various acquisitions, combined with a hoped-for 30% annual organic growth, should enable it to meet these ambitious targets.