BayBG concludes its long-term investment in Dracoon GmbH. Dracoon is one of the leading providers of file sharing and collaboration services in Europe. The shares are being acquired by Kiteworks, a global leader in sensitive content communications privacy and compliance through its Private Content Network. The parties have agreed not to disclose the purchase price.
Munich, November 22 2023. BayBG recognized Dracoon’s potential at an early stage and made a significant contribution to the startup’s further development with its investment. “As an early investor in Dracoon, it has been a great pleasure to witness the growth oft he company over the last several years. It has been an exciting journey with Dracoon, which is now one of the leading platforms in the market for secure file exchange in Europe. We believe the merger with Kiteworks will accelerate innovation and growth,“ explained Andreas Heubl, Senior Investment Manager BayBG Venture Capital.
“Together with Kiteworks, we enhance our comprehensive and reliable data security solutions for our customers,” said Dr. Björn Momsen, Managing Director, Dracoon. Marc Schieder, Managing Director at Dracoon, concurred with Momsen, “Kiteworks’ commitment to national and international security standards aligns perfectly with our focus and that of our customers. We are excited about the opportunities this union brings.”
“We are excited to welcome Dracoon into the growing Kiteworks family,” said Jonathan Yaron, Chairman and CEO at Kiteworks. “Our collective resources and expertise further strengthen our focus on championing data security and compliance through strategic deployment of Private Content Networks on a global scale. The companies share a commitment to securing sensitive customer content without compromising user experience and productivity across sensitive content communication channels. Kiteworks’ commitment to data privacy remains strong with the merger. As with Dracoon, Kiteworks has no ability to access customer keys or data and our core values of trust and privacy guide everything that we do.”
The shareholders of Dracoon were advised by Stephens (M&A), Lutz Abel (Legal) and Counsel (Tax).
For more information on the Kiteworks and Dracoon merger, see the press release.