Bridgepoint agrees to buy most of German identity security firm iC Consult from Carlyle

By Anousha Sakoui and Christoph Steitz

LONDON/FRANKFURT, April 27 (Reuters) - Bridgepoint BPTB.L said it has agreed to buy a majority stake in Germany's iC Consult from Carlyle CG.O in a deal that increases the British investment firm's exposure to cybersecurity services.

The deal values the German identity security firm at 400 million euros to 450 million euros ($470 million to $528 million), a person familiar with the matter said, declining to be named because the details were confidential.

• iC Consult, which employs more than 850 staff across North America, Asia and Europe, grew its European business by around a fifth each year between 2020 and 2025, Bridgepoint said in a statement on Monday, adding the firm also expanded its footprint in the United States.

• Carlyle, which bought into iC Consult in 2021, will fully exit its position, Bridgepoint said, without disclosing the stake size or purchase price.

• The German firm, which is run by founder Juergen Biermann, helps companies and organisations manage digital access rights, with Bridgepoint partner Christoph Brackmann calling it a "standout business operating at the heart of a structurally attractive and fast-growing market".

• The deal, which is expected to close in the third quarter, strengthens Bridgepoint's position in the field of IT security after it earlier bought into cybersecurity firms Infinigate and DataExpert.

• Under Bridgepoint's majority ownership, iC Consult will accelerate international expansion, invest in artificial intelligence (AI) services and pursue selective deals to grow its business, the company said.

• Europe's 2.5 billion euro identity and access management (IAM) market is expected to grow at more than 10% a year, driven by increased cyber threats, AI and regulatory demands, Bridgepoint said.

• Bridgepoint held the first close of its latest flagship fund, Bridgepoint Europe VIII, this month, securing investor commitments of more than 6 billion euros, around 80% of the way to its target, the source said.

($1 = 0.8515 euros)