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Castik Capital takes majority stake in data security solutions provider

European private equity firm Castik Capital acquired a majority stake in AddSecure, a provider of premium solutions for secure data and critical communications, for an undisclosed amount.

The acquisition is expected to support AddSecure's efforts to grow its business, while also investing in product innovation and profitability.

Following the deal, AddSecure's previous owner ABRY Partners LLC will retain minority ownership, with the former's management also investing in the company. Stefan Albertsson will continue to lead AddSecure as CEO.

Sweden-based AddSecure offers smart, connected and internet of things-based solutions used in alarms as well as in the rescue, utilities, transport and logistics sectors.