Apax Partners and New Alpha Asset Management have acquired a majority stake of Mailinblack


Mailinblack is a French software company aiming to make cybersecurity solutions accessible to all organizations. The company provides two complementary products. The first one, “Protect,” is a security solution for business emails (anti-spam, phishing, malware), the main entry point for cyberattacks. Mailinblack processes more than five billion emails every year for 14,000 organizations. Mailinblack also launched in 2021, “Cyber Coach,” to train employees on best practices in dealing with potential cyberattacks. Given that it is estimated that 90% of successful attacks are linked to human error, prevention is a key aspect of cyber defense. Mailinblack’s revenue grew by 28% in 2021, while its customer base (principally small and mid-size enterprises, local authorities and healthcare institutions) increased by 15%.

The Deal

Apax Partners, alongside managers, historic shareholders (Entrepreneur Invest and the founder, Damien Neyret) and New Alpha Asset Management, will allow the company to accelerate its growth and consolidate the cybersecurity software market in Europe. With the support of Apax, Mailinblack is seeking to quadruple its revenue by 2026, by accelerating hires into its marketing team, growing its direct and indirect sales channels and developing complementary products. In a fragmented market in which businesses are ripe for foreign takeovers, Mailinblack is contemplating acquisitions of software companies with an annual recurring revenue between €1 million and €10 million, both in France and Europe.

Our Perspective

Matthieu Rosset, Managing Director in Lincoln’s Technology, Media & Telecom Group, commented, “We are thrilled to have advised Apax Partners on its acquisition of Mailinblack, a distinctive asset in the cybersecurity space with first class Software as a Service key performance indicators (KPIs) and management team. Our support to Apax Partners in this competitive process encompassed market assessment, KPI and valuation benchmarking with peers in cybersecurity and server message block software as well as input on potential build-up for Mailinblack.”

Apax Partners

Apax Partners is an independent European private equity firm. The fund invests in European midcap companies, covering four key markets: technology and telecom, consumer, healthcare and business services.

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