Qualco Group S.A.

M&A Activity • Jul 1, 2025

Regulated Information Announcement

Qualco Group announces the acquisition of a majority stake in Cenobe, strengthening its footprint in cybersecurity

July 1st, 2025

Qualco Single Member S.A. ("QUALCO"), the technology arm of Qualco Group S.A. ("Qualco Group"), announces, by Law 3556/2007, the provisions of Regulation (EU) 596/2014 and the provisions of the Athens Stock Exchange Regulation, the acquisition, on 1st July 2025, of a 50.01% majority stake of the total share capital of Cenobe S.A., headquartered in Athens and operating in Greece, Cyprus, Germany, Switzerland, the UK, Sweden and the UAE.

Cenobe is a fast-growing Greek company specialising in offensive cybersecurity. Since 2020, it has provided advanced services designed to uncover and exploit systemic vulnerabilities beyond standard compliance checks. Positioned as an emerging power in the field, Cenobe blends elite red team expertise, in-depth technical reporting, and sector-specific insights to help securitycritical industries proactively reduce cyber risk and strengthen organisational resilience. With a client base of over 50 organisations across seven countries, the company serves mission-critical areas, including the public sector, logistics, maritime, and digital transformation providers.

At the core of Cenobe's offering is the proprietary cybersecurity platform, Morpheus, a comprehensive External Attack Surface Management (EASM) solution that provides clients with continuous and low-noise discovery of exposed assets across domains, subdomains, cloud and third-party services. It also correlates these exposures with known vulnerabilities and curated threat intelligence, helping businesses identify and prioritise the most critical risks, moving well beyond traditional compliance-driven models.

This acquisition strengthens Qualco Group's presence in the rapidly expanding cybersecurity market. Cenobe is a strategic addition to Qualco's technology ecosystem, enabling the Group to offer a comprehensive suite of cybersecurity services—including red teaming, penetration testing, EASM, threat intelligence, GRC consulting, and incident response, in a continuous, innovative, and cost-effective way. With this move, Qualco Group broadens its value proposition for current and future clients, positioning itself as a credible, large-scale provider ready to address the escalating demands of the cybersecurity landscape.

The acquisition price for the 50.01% in Cenobe amounted to €1.235 million. The transaction was structured through a combination of share purchase from existing shareholders and participation in a capital increase, giving Cenobe a total post-money equity value of approximately €2.786 million. This acquisition confirms the Group's commitment to targeted organic and inorganic growth, further enhancing long-term value for shareholders and actively supporting the implementation of the strategic plan presented at its recent listing at the Athens Stock Exchange.