First exit of 2025 for Primo Capital: Muscope acquired by TeamSystem, securing Primo Digital and Primo Digital Italia funds a major return

27 feb 2025 Press Release, Muscope Cybersecurity, Exit

Muscope Cybersecurity S.r.l, a PortCo company of Primo Capital, announced the acquisition by TeamSystem, securing a solid exit for Primo Digital and Primo Digital Parallel Italia funds. This important milestone demonstrates the excellence and potential of the Muscope|Risk platform, which enables organizations to assess and manage their cyber risks easily, quickly and effectively through an intuitive graphical interface.
The deal represents a successful exit for Primo Capital confirming the team's ability to identify and leverage innovative realities in strategic sectors such as cybersecurity that demonstrate significant growth projections.

In 2023, cyber attacks in Italy increased by 65 percent (CLUSIT Report 2024), making the issue of digital security increasingly central and highlighting the urgent need for effective security measures. At the same time, awareness of online dangers, especially among small and medium-sized businesses, continues to grow. Investment in cybersecurity by Italian SMEs grew by 25 percent in 2023, and 40 percent of Italian SMEs are reportedly planning to adopt cybersecurity solutions by the end of 2025, thanks in part to the support of public incentives and European funds, which are fostering the deployment of strategies to protect against increasingly advanced threats. This scenario is reflected in the growth forecast of the cybersecurity sector in Italy, which reached a record value of 2.15 billion euros in 2023 (Osservatorio Cybersecurity & Data Protection - Politecnico di Milano) and could reach a value of 2.5 billion euros by 2026.

Muscope, with its innovative approach to cybersecurity assessment and proprietary Muscope|Risk platform, has proven to be an ideal partner for TeamSystem. This integration will create a suite of advanced and highly scalable solutions to protect the digital identity of businesses and customers, prevent data leaks, and monitor and predict potential threats.

“We are proud to have contributed to the development of Muscope, supporting it on the path to becoming a benchmark in the cybersecurity industry, then culminating in the acquisition process. The Primo Digital team has worked closely with the founders from the beginning, contributing not only capital but also strategic expertise in the increasingly crucial cybersecurity market. This exit confirms the validity of our investment approach and our ability to identify innovative realities with strong growth potential,” said Niccolò Sanarico, Partner at Primo Digital.

The role of our partners Klecha & Co. and OnePartner has been fundamental throughout the acquisition process by TeamSystem, allowing to complete a transaction of great strategic value for all parties involved.
Primo Digital, on the strength of this first milestone, aims to complete its portfolio in the next two years with 8 new high-potential investments.

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