Swedish alternative investment firm EQT has taken a significant equity stake in cybersecurity training and certification services provider EC-Council.
Founded by Malaysian entrepreneur Jay Bavisi in 2001, EC-Council develops and provides training and certification programmes globally.
EC-Council will join a clutch of cybersecurity companies already in EQT’s global portfolio, which include Basel-based Open Systems, San Francisco-based startup HackerOne, and Israeli startup CYE.
The financial details of the transaction, which was led by Singapore-based Brian Chang, a partner at EQT and its head of Southeast Asia, were not disclosed.
EQT, listed on the stock exchange in Stockholm, had previously guided that it expects to make investments of around $100 million, per deal, in Asia.
The investment in EC-Council is understood to be among the last made from its Mid Market Asia III fund. The fund closed in 2018 at $800 million and was described as nearly 70% deployed in EQT’s 2019 IPO prospectus.
Other investments made through the fund include Singapore-based healthcare services administrator MHC, hospital chain HMI Group, education services provider ILA in Vietnam, cloud and managed services provider Nexon Asia Pacific in Australia, and ingredient manufacturer Indesso Group in Indonesia.
EQT is now raising 2 billion euros for its Asia Pacific strategy, which puts the region on par with the firm’s global growth strategy.