MCF advised Truesec on the acquisition of Subset

The acquisition comes at a time when Europe’s defense and national security sectors are undergoing significant digital investments. Geopolitical instability, increased NATO spending targets, and the need for innovation are driving strong demand for high-assurance software development across Europe.

Subset is one of a limited number of niche firms with specialized expertise in provably secure software development meaning development where achieved security requirements are independently verified and certified by third parties. The company also brings unique expertise in cryptography and other advanced security disciplines. Through this acquisition, Truesec strengthens its position as a comprehensive cybersecurity provider to critical infrastructure, defense, and the public sector.

Together, Truesec and Subset enhance their offering within a rapidly growing segment of the European cyber market, where government and public sector organisations are entering a long-term and substantial investment phase.

“We are a societal actor with a responsibility to help build a stronger and more secure society. In an increasingly complex security landscape, it is essential that we continuously strengthen our capabilities,” said Karin Hagman, CEO of Truesec Group.

“Becoming part of Truesec allows us to offer our customers access to a broader portfolio of services, while preserving and further strengthening our existing capabilities. I am convinced that within Truesec, we will be able to grow and develop even faster,” said Magnus Eriksson, CEO of Subset.

MCF served as the exclusive buy-side advisor to Truesec throughout the transaction.

About Truesec

Truesec is an international cybersecurity company that offers market-leading managed services, incident management, and expert consulting services Truesec operates the largest Security Operations Center (SOC) in the Nordic region and has conducted more than 120,000 hours of incident response. The company’s goal is to prevent breach and minimise impact. Since 2005, Truesec has delivered advanced security solutions to clients in both the private and public sectors worldwide. Today, the company comprises over 400 cyber specialists with deep expertise and a leading role in cybersecurity in the Nordics.

About Subset

Subset a specialised cybersecurity and secure software development firm. The company works on assignments where precision, quality, and security requirements are exceptionally high. Its operations focus on two main areas: cybersecurity and secure development. With more than 18 years of experience and deep expertise in cryptography and secure system engineering, Subset helps organisations protect critical information systems and build robust, long-term sustainable technology with security integrated from the start.