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Utimaco: Providing security that builds trust


Cyber security has dramatically gained in importance in recent years across all industries. In an increasingly digitised world, Utimaco has become a leading provider of professional cyber security and compliance solutions, protecting people around the world from terrorism and organised crime, and securing private or sensitive data against theft or abuse.

Headquartered in Aachen (Germany), Utimaco stands for recognised product quality, user-friendly software, excellent support and trusted high security, made in Germany. The company develops lawful interception management systems and data retention solutions that fulfil the legal regulatory requirements applicable to telecommunications companies (mobile and fixed networks) and Internet service providers.

Utimaco is also a technology leader in the field of hardware-based, high-security appliances that ensure the safekeeping of digital assets, such as cryptographic key materials and high value data. Today, Utimaco’s hardware security modules are deployed in over 1 000 installations across more than 80 countries and demand is expected to grow at double digits in the coming years.

Backed by EIF, PINOVA Capital, a Munich-based private equity firm focusing on innovative high-growth SMEs, committed to supporting Utimaco’s continued development. Alongside other equity co-investors and NRW.BANK as a mezzanine provider, PINOVA acquired the company in 2013 jointly with members of the management team.

PINOVA Capital supported the existing management team in their spin-out from the former parent company. In addition to the financial resources enabling Utimaco to grow, PINOVA Capital helped the management team to streamline the company’s overall internal processes and transform its two main business lines into independent legal entities.

New applications for parts of their businesses were identified and PINOVA Capital helped Utimaco strengthen its strategic partnership worldwide. Utimaco’s international expansion reached a milestone with the opening of a subsidiary office in Silicon Valley in 2014. During the holding period of PINOVA Capital, Utimaco experienced a strong growth with the number of employees increasing from 87 to 128 over the past three years.

At the time of investment, PINOVA Capital was a first time team, first time fund. EIF’s commitment made a significant contribution to the fundraising efforts of the team. Following these positive developments, EIF recently invested in the successor fund, PINOVA II with RCR resources.

Company: Utimaco (Germany)
Type of business: ICT, cyber security
EIF financing: CIP GIF

For further information about EIF intermediaries in Germany, please refer to:


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