Xenon FIDEC acquires majority stake in DEAS cybersecurity firm
DEAS, an Italian cybersecurity and AI firm serving defence and public administration, expects revenue of 57 million for 2026 and plans to hire about 300 staff.
Entrepreneur Stefania Ranzato's vehicle, DEAS Holding, will keep a significant minority stake.
DEAS, founded in 2018 by Ranzato, develops cybersecurity and AI solutions for defence and public administration, including offensive security, red teaming and incident response. It reported revenue of 44 million in its latest financial year, up about 100 per cent from 22 million in 2024, and forecasts 57 million for 2026. It operates an accredited test laboratory at the National Cybersecurity Agency.
Xenon FIDEC plans to support organic growth through investment in staff and systems and by strengthening the management team, and DEAS intends to add about 300 staff. Xenon was advised by GA-Alliance, PwC and Mediobanca; the seller by Linklaters and LM Consulting; and Banco BPM and Banca Monte dei Paschi di Siena provided financing.
Deal facts
- Target
- DEAS – Difesa e Analisi Sistemi
- Business
- Italian cybersecurity and AI company serving the defence sector and public administration, founded in 2018 by Stefania Ranzato
- Buyer
- Xenon FIDEC
- Sponsor
- Xenon AIFM
- Deal type
- Platform
- Advisers
- GA-Alliance legal counsel to Xenon FIDEC
- PwC financial, tax and commercial due diligence adviser to Xenon FIDEC
- Mediobanca debt adviser to Xenon FIDEC
- Linklaters legal counsel to the seller
- LM Consulting financial adviser to the seller
- Deloitte Legal legal counsel to the lending banks
- Status
- Completed
- Announced
- Tuesday, November 3, 2026
Sources
- Il Sole 24 ORENov 3, 2026
Written by Buyout Desk from the sources above. Spotted an error? Email corrections@buyoutdesk.com.