indevis, headquartered in Munich, was a leading managed security service provider for customers from the upper midmarket, with core sectors comprising healthcare, law firms and management consultancies, financial service providers and the public sector in German-speaking countries. Since its foundation in 1999, the company had focused exclusively on IT security and managed security services in order to holistically secure various attack vectors on customers’ IT infrastructure, benefiting from its own integrated end-to-end security stack, many years of experience with IT security in the premium segment and audited service processes.
The acquisition
NEXX Capital Fund V acquired a majority stake in indevis in August 2021 together with management. The founders continued to hold a significant stake in indevis and remained active in their respective roles as managing directors. In addition, further managers invested in indevis alongside NEXX.
Investment Rationale
With indevis, an established player in a structurally growing market segment was acquired: IT security and MSSP budgets continue to rise, driven by regulatory requirements, the shortage of skilled professionals and an increasingly professional threat landscape. The company benefited from an established customer base in the upper midmarket, an integrated service platform and experienced founder leadership. The fragmented German MSSP market offered attractive consolidation and buy-&-build potential.
Implementation of the growth concept
Together with the management and the advisory board, the product and service portfolio was further developed, in particular through the introduction of a Managed Detection & Response solution. The sales organisation was professionalised, and investments in technical staff as well as the build-out of the Security Operations Center further strengthened the platform’s capabilities. A structured management succession from the founders to a newly hired CEO and CFO was implemented successfully. In parallel, the geographical presence was intended to be reinforced through targeted add-on acquisitions.
Exit
The exit was completed in June 2025 to Sophora Unternehmerkapital.
