Fox Crypto — Acquisition by CR Group Nordic
Specialist cybersecurity company developing and maintaining high-assurance cryptographic products used to protect sensitive and classified information, acquired by CR Group Nordic from NCC Group, illustrating how highly specialised cryptographic technology, strong profitability and an established position in security-critical markets can command a substantially premium multiple.
Acquirer
CR Group Nordic
Year
2025
Enterprise Value
£65.6m
Revenue
~£18m
Adjusted EBITDA
£4.0m
EV/EBITDA
16.4×
Industry
Cybersecurity
Transaction
CR Group Nordic acquired 100% of Fox Crypto from NCC Group. The transaction was agreed in August 2024 and completed in March 2025. NCC Group subsequently reported an enterprise value of £65.6m and adjusted EBITDA of £4.0m, representing an EV/EBITDA multiple of 16.4×. Fox Crypto specialises in high-assurance encryption and secure communications for security-sensitive organisations, including defence and critical infrastructure customers. At the time the transaction was announced, the company employed 144 people and had an established position serving customers in the Netherlands and NATO market.
Why the Premium?
- Highly specialised cryptographic technology with high-assurance accreditation
- Strong profitability with £4.0m adjusted EBITDA on ~£18m revenue
- Established position in security-critical defence and critical infrastructure markets
- Security-sensitive customer base including NATO market exposure
- Strategic scale and capability acquisition for CR Group in classified information protection
SME Takeaway
Fox Crypto's revenue fell within the SME Multiples $1–$50M benchmark. The transaction illustrates how highly specialised cryptographic technology, strong profitability and an established position in security-critical markets can command a multiple substantially above the typical 4×–8× cybersecurity sector range. The 16.4× EV/EBITDA multiple is based on NCC Group's subsequently reported enterprise value of £65.6m and adjusted EBITDA of £4.0m.
Sources
Disclaimer: Case study figures are based on publicly available information and are provided for illustrative purposes only. Transaction values, EBITDA figures and implied multiples may reflect different reporting periods, definitions and deal structures, and some multiples are calculated from disclosed figures rather than reported by the parties. They are not formal valuations, investment advice or a substitute for independent professional advice.