Investcorp, a leading global alternative investment firm, has announced the successful exit of its majority stake in Italian cybersecurity firm HWG Sababa S.r.l., marking the first exit from its $570 million Investcorp Technology Partners Fund V (ITP V).
The transaction sees ITP V and other investors sell their entire holdings in HWG Sababa to an oversubscribed €240 million single-asset continuation fund, managed by Investcorp and backed by institutional investors including Hayfin Capital Management and Coller Capital. The continuation fund closed in June 2025, with additional support from ITP V’s existing investors, Investcorp employees, and new limited partners.
Despite the exit, Investcorp will continue to manage and support HWG Sababa through the new fund as it enters a new phase of expansion focused on operational technology, technological innovation, and international growth across Europe and the Middle East, both organically and via acquisitions.
“The creation of a dedicated continuation fund for HWG Sababa highlights the Company’s strong growth and our successful partnership with Enrico, Alessio, and the team,” said Gilbert Kamieniecky, Head of European Private Equity at Investcorp. “The strong demand for the fund reflects HWG Sababa’s quality.”
“We’re excited to remain involved and to collaborate with Hayfin and Coller Capital as we support the next stage of the company’s development,” added Yusef al Yusef, Global Head of Distribution at Investcorp.
Founded in 2008 and based in Verona, Italy, HWG Sababa is a leading independent cybersecurity provider serving mid-sized businesses across critical sectors including infrastructure, energy, finance, and manufacturing. The company specializes in end-to-end cybersecurity solutions across IT, IoT, and OT environments.
ITP V initially invested in HWG Sababa in 2022 and played a pivotal role in transforming the company. Since the investment, HWG Sababa has:
- Grown revenue sixfold
- Completed four strategic acquisitions, including Sababa Security S.p.A. in 2023
“We are proud of the journey we’ve taken alongside ITP,” said Enrico Orlandi, Chairman of HWG Sababa.
“This continuation fund is the right solution to fuel our next phase of growth.”
CEO Alessio Aceti emphasized: “We remain determined to strengthen our leadership in cybersecurity and SOC services—both in Italy and abroad.”
The deal demonstrates strong investor appetite for high-performing tech assets and reaffirms Investcorp’s strategy of long-term value creation through operational involvement and strategic scaling.
