TEQ Telenor ASA

(Fornebu, July 5, 2024): In June, Telenor established the cybersecurity company Telenor Cyberdefence. Now, Telenor Cyberdefence is acquiring Combitech AS (formerly Watchcom Security Group), which will become part of Telenor's new cybersecurity company.

The acquisition strengthens Telenor Cyberdefence's position as a leading provider of cybersecurity solutions to private and public businesses in Norway, with the ambition to expand across the Nordics. The purchase price is confidential between the parties.

"When we announced Telenor Cyberdefence, we stated that we have big ambitions. This acquisition demonstrates that, and we have more in the pipeline," says Dan Ouchterlony, Head of Telenor Amp.

Telenor Cyberdefence is part of the Telenor Amp portfolio, which consists of 15 wholly or partially owned companies with a combined value of 10-12 billion NOK.

A Perfect MatchCombitech AS is the Norwegian business of the Swedish security company Combitech AB, which in turn is owned by the defence and security group Saab. Combitech AS has offices in Oslo and just over 20 employees.

"We are pleased to welcome Combitech AS to Telenor Cyberdefence. This transaction is a significant step forward for us and provides the opportunity to offer our customers a broader portfolio of cybersecurity solutions," says Thomas Kronen, CEO of Telenor Cyberdefence, adding:

"Combitech AS has a strong security environment with solid expertise and long traditions, and with its strategy, service portfolio and customer base, it is a perfect match for Telenor Cyberdefence. Through this acquisition, we add valuable expertise in addition to expanding our current customer base, which gives us a solid foundation to look at further investment."

Combitech AS provides services in security consulting, penetration testing (authorized simulated cyberattack) and cloud-based monitoring and response. The company's experienced security experts will contribute valuable knowledge and expertise to Telenor Cyberdefence and work closely with Telenor Norway's business division.

"Through the merger with Telenor Cyberdefence, we get the opportunity to become part of one of Norway's leading security environments and contribute to building a strong position in the market. The threat landscape is constantly changing, and we are convinced that together we will be able to offer our customers even better security services and support," says Anders Thulin Røkke, CEO of Combitech AS.

Thulin Røkke will become Chief Operating Officer (COO) of Telenor Cyberdefence.

Building Up SpeedThe acquisition of Combitech AS is one of several strategic initiatives from Telenor to strengthen its security position in the Nordic market. Telenor Cyberdefence was established less than a month ago, and the company is in the process of recruiting.

"We have ambitions to become a leading partner for cybersecurity solutions in the business market in the Nordics. The acquisition of Combitech AS is an important step to achieve this goal," says Dan Ouchterlony.

Media contact: 

Thomas Midteide, SVP Communications, Telenor Group

+ 47 962 320 17 | thomas.midteide@telenor.com

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