The Xenon fund acquires a majority stake in Deas. 300 new jobs are expected to be created

Xenon FIDEC, a private equity fund managed by Xenon AIFM S.A., which specialises in investments in leading companies in the energy and digital transition sectors and the circular economy, has, following due diligence, completed the acquisition of the share capital of DEAS – Difesa e Analisi Sistemi. The transaction also provides for DEAS Holding, the vehicle of entrepreneur Stefania Ranzato, to continue to hold a significant minority stake. In the last financial year, the company achieved revenue of 44 million , up by approximately 100 per cent compared with the 22 million recorded in 2024. For the 2026 financial year, the company forecasts revenue of 57 million .

DEAS operates in a sector characterised by a high degree of technical specialisation and growing strategic importance, in which the security and resilience of critical infrastructure are essential requirements for the country. Xenon FIDEC will support DEAS on a path of organic growth based on further investment in staff and systems and on strengthening the management team, with the aim of consolidating its role as the preferred partner for national institutions such as the Ministry of Defence and large enterprises in the most complex and critical cyber scenarios.

DEAS, founded in 2018 by Stefania Ranzato, develops advanced cybersecurity and artificial intelligence solutions for the defence sector and public administration, with activities focused on offensive security, red teaming, vulnerability assessment, incident response and advanced training, adopting a dual-use approach aimed at the civil and military sectors. The company counts some of the country’s leading institutions amongst its clients and operates an Accredited Test Laboratory at the National Cybersecurity Agency (ACN), a Security Assessment Laboratory accredited by the Information Security Certification Body (OCSI) and an Advanced Cyber Defence Centre.

This achievement places DEAS amongst the world’s most advanced organisations in the cyber domain. In light of these results – which stem from the founder’s strategic vision and the extremely high market demand, particularly internationally, where Italia aims to establish itself as a key player – the Company intends to expand its workforce by approximately 300 staff members. The new recruits will all be talented young Italians ready to work towards safeguarding Italia’s strategic cyber perimeter. This represents an extraordinary opportunity for the ‘national economy’, which aims to nurture young talent and retain brilliant minds in rapidly growing market sectors. General Enzo Vecciarelli , formerly Chief of the Defence Staff, has been confirmed as Executive Chairman of the DEAS Board of Directors, ensuring continuity in management.

Xenon FIDEC was advised on the transaction by the law firm GA-Alliance on legal matters, by PwC on financial, tax and commercial due diligence, and by Mediobanca acting as debt adviser. The seller was advised by Linklaters, acting as legal adviser, and by LM Consulting, acting as financial adviser, represented by its founder and partner, Dr Lorenzo Longhi. The financing to support the acquisition was provided by Banco BPM, which also acted as lead arranger, and by Banca Monte dei Paschi di Siena; the lending banks were advised by Deloitte Legal.