Key Takeaways
- • Bregal Milestone, a European software growth private equity firm, announced a majority growth investment in Nethive S.p.A., an Italian cybersecurity services and software provider, alongside backing Nethive's acquisition of IT security specialist Joy Comm S.r.l. (JoyComm).
- • Nethive, founded in 2014 by Alessandro Bellato and Diego Rocco, serves more than 250 clients across telecommunications, energy, healthcare, industrials and public administration, with revenue of c.€25 million in 2026 and a 2020-26 CAGR of c.30%.
- • Headcount has grown from c.20 to over 80 (2026 pro-forma, including JoyComm), and Nethive was the highest-ranked Italian company in the IT & Software category of the Financial Times' Europe's Long-term Growth Champions 2026 list.
- • Proceeds will fund AI-enabled automation, expansion of managed services and proprietary software (HiveFlow and X-Suite), commercial build-out, and selective acquisitions in Italy and beyond.
- • Terms of the transaction were not disclosed; Alvarez & Marsal, PedersoliGattai and Fineurop Soditic advised Bregal Milestone, while Deloitte and Klecha & Co. advised Nethive's shareholders.
Summary
Bregal Milestone, a London-based software growth private equity firm, has announced a majority growth investment in Nethive S.p.A. (Nethive), a leading Italian cybersecurity services and software provider. The firm also backed Nethive's acquisition of IT security specialist Joy Comm S.r.l. (JoyComm), which brings expertise in cybersecurity, IT/OT networking and cloud infrastructure. Terms of the transaction were not disclosed.
Nethive was founded in 2014 by Alessandro Bellato and Diego Rocco, who serve as Co-Founders and Co-CEOs. The company offers managed security services, professional services and technology resale, including 24/7 monitoring, threat detection and response, and risk and vulnerability management. It also develops proprietary carrier-grade software: HiveFlow, which enables telecom operators to deliver network-based security services, and X-Suite, for monitoring and log management of complex network infrastructures. According to the company, it serves more than 250 clients across telecommunications, energy, healthcare, industrials and public administration.
According to the announcement, Nethive generated revenue of c.€25 million in 2026, with a 2020-26 compound annual growth rate of c.30%. Headcount grew from c.20 to over 80, with 2026 figures presented on a pro-forma consolidated basis including JoyComm. The company was recognized in the Financial Times' Europe's Long-term Growth Champions 2026 list, where it ranked highest among Italian companies in the IT & Software category.
With Bregal Milestone's support, Nethive plans to invest in AI-enabled automation, expand its managed services and proprietary software offerings, strengthen its commercial organization, and pursue selective strategic acquisitions in Italy and beyond. Philippe Lautenberg, Co-Founder and Managing Partner at Bregal Milestone, said the firm was impressed by the team's achievements and that the Italian and European cybersecurity markets are undergoing significant transformation. Bregal Milestone reports c.€2.3 billion of capital raised since inception and assets under management of over €24 billion at parent Bregal.
Alvarez & Marsal, PedersoliGattai and Fineurop Soditic acted as financial, legal and M&A and debt advisors to Bregal Milestone. Deloitte advised Nethive's shareholders on legal aspects and vendor due diligence, and Klecha & Co. served as exclusive financial advisor to those shareholders.
Nethive was founded in 2014 by Alessandro Bellato and Diego Rocco, who serve as Co-Founders and Co-CEOs. The company offers managed security services, professional services and technology resale, including 24/7 monitoring, threat detection and response, and risk and vulnerability management. It also develops proprietary carrier-grade software: HiveFlow, which enables telecom operators to deliver network-based security services, and X-Suite, for monitoring and log management of complex network infrastructures. According to the company, it serves more than 250 clients across telecommunications, energy, healthcare, industrials and public administration.
According to the announcement, Nethive generated revenue of c.€25 million in 2026, with a 2020-26 compound annual growth rate of c.30%. Headcount grew from c.20 to over 80, with 2026 figures presented on a pro-forma consolidated basis including JoyComm. The company was recognized in the Financial Times' Europe's Long-term Growth Champions 2026 list, where it ranked highest among Italian companies in the IT & Software category.
With Bregal Milestone's support, Nethive plans to invest in AI-enabled automation, expand its managed services and proprietary software offerings, strengthen its commercial organization, and pursue selective strategic acquisitions in Italy and beyond. Philippe Lautenberg, Co-Founder and Managing Partner at Bregal Milestone, said the firm was impressed by the team's achievements and that the Italian and European cybersecurity markets are undergoing significant transformation. Bregal Milestone reports c.€2.3 billion of capital raised since inception and assets under management of over €24 billion at parent Bregal.
Alvarez & Marsal, PedersoliGattai and Fineurop Soditic acted as financial, legal and M&A and debt advisors to Bregal Milestone. Deloitte advised Nethive's shareholders on legal aspects and vendor due diligence, and Klecha & Co. served as exclusive financial advisor to those shareholders.
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