Ekinops announces the acquisition of Olfeo, a cybersecurity software provider for businesses

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May 15, 2025, 04:02 ET

Olfeo, a French SSE (Security Service Edge) software provider, securing Internet access against cyberattacks
Over 500 customers – €6.3m in Annual Recurring Revenue (ARR) in 2024
Combined with its SD-WAN offering, Ekinops becomes a leading European provider of Secure Access Service Edge (SASE) solutions for networks cybersecurity, in line with its Bridge strategic plan
Transaction fully financed in cash

PARIS, May 15, 2025 /PRNewswire/ -- EKINOPS (Euronext Paris: FR0011466069) (Euronext Paris: EKI), leading supplier of telecommunications solutions for telecom operators and enterprises, announces the signing of an agreement with the shareholders of Olfeo, a French provider of Secure Service Edge cybersecurity software for enterprises, to acquire 100% of the company's share capital. Olfeo is a long-standing technology partner of Ekinops, already contributing to its SD-WAN solution as a key technology provider.

Ekinops announces the acquisition of Olfeo, a cybersecurity software provider

This combination creates a leading European player in the fast-growing SSE (Security Service Edge) and SASE (Secure Access Service Edge) markets for networks cybersecurity, bringing French cybersecurity expertise to the European and global stage.

Olfeo, a French leader in SSE and enterprise web security

Founded in 2003 and based in Paris, Olfeo is a cybersecurity software company that protects enterprise information systems from cyberattacks and risks related to employee Internet usage.

Olfeo's web security gateway solutions are offered through a subscription model, either as SaaS (Software as a Service) or on-premises.

Olfeo is one of the leading European players in SSE (Security Service Edge) and offers a web security solution that combines multiple layers of security (SWG, CASB, DNS, DLP, etc.)^[1] to protect enterprise information systems.

With a team of 60 employees, half of whom are dedicated to R&D, Olfeo secures network and web access of over 500 customers and partners (businesses, local authorities, healthcare institutions, French governmental service and infrastructure operators, etc.).

Olfeo generated €6.3m in recurring revenue (ARR – Annual Recurring Revenue) in 2024, with an EBITDA^[2] margin of over 20%.

Ekinops' existing footprint and expertise in managing critical networks, combined with Olfeo's innovative solutions will generate new growth opportunities in Europe and globally.

Ekinops becomes a European market leader in Secure Access Service Edge (SASE), driving a shared vision of the secure cloud

The convergence of network connectivity and cybersecurity challenges is at the heart of today's digital transformation for businesses. Operators are very much on the look for single-vendor network cybersecurity solutions that are sovereign, immediately available, and combining performance, security, ease of deployment and regulatory compliance.

The SASE for networks cybersecurity market is estimated at over $9bn by 2025, with an average annual growth rate of +13% over the next few years^[3].

By 2026, Ekinops aims to position itself in the "Unified SASE" segment, with a fully integrated solution specifically designed for mid-sized companies (SMB and SME). Ekinops intends to address this segment by leveraging its installed customer base with major telecom operators.

The "Unified SASE" market is estimated to exceed $600m by 2025, with an average annual growth rate of over +27% over the next few years.

Together, Ekinops and Olfeo will be able to meet the growing needs of public and private organizations for secure cloud access and agile network infrastructures, offering a high-performing and responsible European technology.

An acquisition in line with the Bridge strategic plan ambitions to accelerate Ekinops' leadership in the most dynamic market segments

This transformative move is a major first step in the achievement of Ekinops' Bridge strategic plan, aimed at positioning the Group in high-growth markets.

Through Bridge, Ekinops aims to quickly return to double-digit growth, generating more than 30% of its annual revenue from Software & Services by 2028, including over 50% as ARR.

With Olfeo, Ekinops would have generated 22% of its sales through Software & Services activity (2024 pro forma data).

Terms and conditions of the transaction

Ekinops is acquiring 100% of Olfeo's share capital through its holding company, Oscar SAS, from its founding shareholders, financial investors and employee shareholders.

This acquisition is fully financed in cash, using Ekinops' own funds and the syndicated credit line dedicated to external growth, provided by its banking partners. The pro forma^[4] balance sheet of the combined entity will remain very solid, with a net cash^[5] position still positive after the transaction. As a reminder, Ekinops reported a positive net cash position of €29.5m at the end of 2024.

Its completion is subject to customary conditions and is expected to occur in the coming weeks.

Olfeo's management team is fully committed to this merger. In this context, Alexandre Souillé, founder and CEO of Olfeo, along with his team, will continue to develop the cybersecurity activity within Ekinops.

"This alliance with Ekinops is a tremendous opportunity for Olfeo to accelerate its development while remaining true to its founding values: sovereignty, innovation, and close customer relationships. By joining forces with a recognized French technology player in the telecommunications network space, we are strengthening our offering of SSE and SASE, while continuing our mission to secure Internet and cloud access in full compliance with European regulatory standards," declares Alexandre Souillé, President and co-founder of Olfeo.

"Olfeo is a French gem that shares with Ekinops strong values such as innovation and customer commitment. This strategic combination will enable us to expand our network cybersecurity offering, strengthen our position in the SASE market by delivering a sovereign European solution, and address emerging needs linked to the transformation of cloud usage. Together, we form a leading European player, capable of delivering end-to-end connectivity and security solutions to international operators and their enterprise customers," comments Didier Brédy, Chairman and CEO of Ekinops.

About Security Service Edge (SSE) and Secure Access Service Edge (SASE)

Security Service Edge (SSE) brings together security services designed to protect networks from cyber threats such as malware, data theft, phishing, and more.

Unlike traditional setups that focus protection mainly on the core network, SSE is a cloud-based solution that shifts security functions to where users and devices connect. As a result, the network is protected not only on the company's premises, but also remotely.

SSE gives companies greater flexibility to deploy new services and adapt to user needs much more easily than with a centralized solution.

When combined with advanced SD-WAN, an SSE solution forms a Secure Access Service Edge (SASE) architecture, which integrates networking and security functions.

SASE brings together SD-WAN to manage traffic and SSE to enforce security within a unified architecture, combining connectivity and security, wherever users and devices are located, with secure access and strong network performance at the edge.

^1. SWG: Secure Web Gateway
CASB: Cloud Access Security Broker
DNS: Domain Name System
DLP: Data Loss Prevention
^2. EBITDA (Earnings before interest, taxes, depreciation, and amortization) corresponds to current operating income restated for (i) amortization, depreciation and provisions and (ii) income and expenses linked to share-based payments.
^3. Source: Dell'Oro Group
^4. Based on the companies' annual financial statements as of 31 December 2024
^5. Net cash = cash and cash equivalents – borrowings (excluding bank debt relating to French R&D tax credit (CIR) pre-financing and IFRS 16 lease liabilities)