Founded in 2003, Mailinblack is the leading provider of email protection and cyber threat training solutions for the middle-market segment. Mailinblack’s revenue grew by more than 25% in 2021, with a loyal customer base of more than 14,000 SMEs, local authorities, and healthcare institutions.

The Company plans to further consolidate its leading position in Europe providing a suite of digital protection solutions dedicated to business users. Mailinblack notably launched a new product in 2021: Cyber Coach, a mail security awareness solution, which has already been adopted by hundreds of customers.

Apax Partners’ acquisition of a majority stake, alongside New Alpha Verto, Management and historical shareholders (Entrepreneur Invest and founder Damien Neyret), will allow the Company to accelerate its development of cutting-edge cyber security solutions and create a leading European cyber security company in Europe with revenue in excess of €40m. This financial transaction will enable the diversification of their product offering by developing and entering into partnerships and by acquiring products such as password management, document transfer and digital clean-up solutions.

About Mailinblack

Founded in 2003, MailInBlack is a software company based in Marseille that makes cybersecurity solutions accessible to all organisations. Mailinblack currently offers two complementary products: “Protect” is a security solution for business emails (anti-spam, phishing, malware), the main entry point for cyberattacks. Mailinblack processes more than 5 billion emails every year for 14,000 organisations. As well as “Cyber Coach”, launched by Mailinblack in 2021, which trains and educates employees on best practices in dealing with potential cyber attacks. Given that it is estimated that 90% of successful attacks are linked to human error, prevention is a key aspect of cyber defence. This solution is helping Mailinblack to settle a cyber culture into organisations and train employees to become the first line of defence against cyber attacks.

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About Apax Partners

Apax Partners is one of the leading private equity firms in Europe. With 50 years of experience, Apax Partners works with companies over the long term to make them leaders in their sector. The funds managed and advised by Apax Partners amount to over €4.8 billion. These funds invest in high-growth SMEs and SMIs in four sectors of specialisation: Tech & Telecom, Services, Health and Consumer Goods.

Apax Partners sas, based in Paris (, and Apax Partners LLP, based in London (, have a common history but are two independent firms.

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About NewAlpha Verto

NewAlpha Verto is a growth equity fund investing in fast-growing private SMEs in France and continental Europe. The fund targets specific sectors that all exhibit a strong technological dimension: TMT (Technology, Media, Telecom), Healthcare and Industrial Niches. The fund, acting as a reference shareholder, aims to actively support the transformation of ambitious SMEs into international intermediate-sized companies. NewAlpha Verto backs entrepreneurial and ambitious management teams that invest significant amounts alongside the fund. NewAlpha Verto offers flexible capital, tailored to the operational strategy of each company in order to free up its growth potential (holding period and financial leverage in line with the company’s equity story).

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Thibaut De Smedt

Investment Banking

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Stanislas de Gmeline

Investment Banking

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Sanjin Goglia

Investment Banking | Industrial Tech

Charlie Pujo

Investment Banking

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Maxime Roi

Investment Banking

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Xavier de Fontaines

Investment Banking

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Deal Team

Should you want to know more about this transaction, you can contact one of the team members above

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