Stoïk, French specialist in cyber insurance for SMEs and ETIs, takes a new step in its European strategy by carrying out its first external growth operation. The company announces the acquisition of Cybercontract, a reference player for cyber-assurance for Belgian SMEs.
Founded in 2014 by Katrien Dom, Koen Druyts, Koen Hees and Maarten Dom, Cybercontract has established itself as the market leader in Flemish Belgium, with a portfolio of more than 1,000 insured companies and a network of 150 partner brokers. For Stoïk, already present in France, Germany, Austria, Spain and Luxembourg, this operation marks an immediate and structuring entry into a local market difficult to access without established relay.
In a message published on LinkedIn, Jules Veyrat, CEO of Stoïk, returns to the process of the operation: “Fusing-acquisitions can sometimes be difficult and harmful. This was quite the opposite: fast, fluid and meaningful for all parts. He specifies three reasons having motivated this rapprochement: the strong presence of cybercontract on a market where Stoïk was not yet established, a common culture associating insurance and cybersecurity, and the key role of Stef Vermeulen, appointed Country Manager Belgium.
This acquisition illustrates the Stoïk strategy to build a pan-European network of brokers capable of distributing an offer combining financial coverage and prevention services against cyber attacks, but also a broader trend in consolidation of a cyber-assurance market still fragmented in Europe.
With this operation, Stoïk wants to establish himself as a central player in cyber-assurance in Europe and confirms his ambition to become the privileged partner of brokers in a sector where the demand of SMEs grows quickly under the effect of the intensification of cyber attacks.
