Portugal’s retail-focused conglomerate Sonae plans to buy more cybersecurity firms as it builds a portfolio in Portugal, Spain, the United States and Germany, a company official said.
Carlos Silva, executive board member of the conglomerate’s corporate venture arm Sonae IM, told Reuters it was looking for more companies to integrate with its Spain-based cybersecurity business S21Sec, acquired in 2014 and dealing with web fraud protection, dataleak detection and cyber threat alerts.
Sonae, which runs a stable of Continente-brand hypermarkets, electronic appliances stores Worten and other outlets, has a growing online retail business that needs cybersecurity.
Sonae IM also offers these services to clients and had sales of 123 million euros ($147 million) in the first nine months of 2017.
Sonae IM has recently announced its entry into the capital of German startup Secucloud which specialises in cloud-based security solutions for mobile networks, and U.S. firm Arctic Wolf, providing concierge security engineering services.
“We are looking for ‘buy and build’ opportunities to integrate with S21Sec … There are also other segments for us to bet on like those where Arctic Wolf and Secucloud operate,” Silva said.
($1 = 0.8389 euros)