Engvall Security was acquired by CAG for $2.4M.

Engvall Security, a Västerås, Sweden-based company providing security services, announced that it was acquired by larger Swedish group, CAG Group.

The deal was made for SEK 23M ($2.4M).

In connection with the transaction, CAG forms a new cyber security company, through a merger of the subsidiary CAG Security and Engvall Security.

The new company will operate under the name CAG Engvall Security and, according to CAG, will initially generate approximately SEK 40M in sales. The company will work with services such as business analysis, specification, architecture and testing, implementation and compliance and auditing with clients from both the defense and the civil sector.

Lennart Engvall, the CEO of Engvall Security, will become CEO of CAG Engvall Security.

Engvall Security has twelve employees and had sales of approximately SEK 24 million in 2018.