Core Finance advised Innovera on its merger with Cyberwise

Core Finance acted as the exclusive financial advisor to Innovera on its merger with Cyberwise, creating the largest cyber security solution provider company in Turkey. The transaction marks the largest merger in the cyber security field in Turkey to date. The two companies will integrate under Cyberwise umbrella to provide cyber security services and solutions to their customers.

Founded in 2007 by Burak Dayıoğlu, Gökhan Say and Murat Tora, Innovera is a leading cyber security solution provider company focused on consulting and integration services in the cyber security sector in Turkey. As a solution partner with global leaders of cyber security technologies, Innovera serves more than 500 corporate customers with its end-to-end cyber security technologies, cyber security consultancy services and backup, storage, disaster recovery solutions and services. The Company has 120 employees located in Ankara and Istanbul.

Cyberwise, established as a result of the merger between Biznet and Securrent and backed by one of the leading Turkish private equity investors Taxim Capital, is a pioneer cyber security solution provider in Turkey, with a holistic approach to IT, OT and Cyber Physical Systems (CPS). Cyberwise has over 130 employees located in Ankara, Istanbul, Dubai and Amsterdam.

Innovera Board Member and CEO Murat Tora stated: "Regional expansion and inorganic growth of Innovera has been our goal since the beginning of 2019 and we have been working with Core Finance for a long time whom has advised us on this merger. We believe that this transaction will result in very positive outcomes for all stakeholders. Complementing each other perfectly, these two companies, under the umbrella of Cyberwise, will accommodate Turkey's best-in class cyber security personnel, the most comprehensive product and service network and will create a company with the strongest economic moat.". The deal is expected to close upon receipt of required regulatory approvals and other customary closing conditions.

This represents Core Finance's 5th transaction in 2020 and 2nd in Cyber Security sector within the same timeframe. This merger supervenes our recently completed deals including acquisition of Atar Labs by Micro Focus.