Bregal Milestone Backs Nethive With Majority Growth Investment and JoyComm Acquisition

Bregal Milestone, a leading European software growth private equity firm, today announced a majority growth investment in Nethive S.p.A. (“Nethive” or the “Company”), a leading Italian cybersecurity services and software provider. Alongside its investment in Nethive, Bregal Milestone has also backed Nethive’s acquisition of IT security specialist Joy Comm S.r.l. (“JoyComm”).

Founded in 2014 by Alessandro Bellato and Diego Rocco, Nethive has become a trusted cybersecurity partner to blue-chip enterprises, SMEs, and public-sector organizations across Italy. Its platform spans managed security services, professional services and technology resale, helping organizations protect critical infrastructure and networks, strengthen cyber resilience and reduce operational complexity.

Nethive combines deep technical expertise with 24/7 monitoring, threat detection and response, risk and vulnerability management, infrastructure protection and specialist consultancy. The Company serves more than 250 clients, building a reputation for responsiveness and reliability in mission-critical environments across telecommunications, energy, healthcare, industrials and public administration. Nethive 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.

JoyComm brings complementary expertise and a strong track record to Nethive, strengthening the Company's capabilities across cybersecurity, IT/OT networking and cloud infrastructure. The inclusion of JoyComm extends Nethive’s specialized skills, advanced security consulting and broader technological capabilities to support customers in increasingly complex and critical environments.

In recent years, Nethive has delivered significant growth, with revenue reaching c.€25 million in 2026 (2020-26 CAGR of c.30%) and headcount growing from c.20 to over 80 (2026 figures pro-forma consolidated, including JoyComm). This performance was recognized in the Financial Times’ Europe’s Long-term Growth Champions 2026 list, where Nethive was the highest-ranked Italian company in the IT & Software category.

With Bregal Milestone's support, Nethive will accelerate its growth by investing in AI-enabled automation, expanding its managed services and proprietary software offerings, strengthening its commercial organization, and pursuing selective strategic acquisitions in Italy and beyond.

“The cybersecurity landscape is evolving rapidly: threats are becoming more sophisticated, regulations are tightening across Europe, and AI is increasing both the scale and complexity of cyberattacks. We founded Nethive to help organizations manage this complexity with confidence. Bregal Milestone’s deep cybersecurity expertise makes them the ideal partner for our next phase of growth. Their support will help us further productize our offering and expand our footprint while preserving the reliability and quality our clients expect,” said Alessandro Bellato and Diego Rocco, Co-Founders and Co-CEOs of Nethive.

“We have been impressed by what Alessandro, Diego and the entire Nethive team have accomplished over the years and are delighted to partner with them to support this next phase of the Company’s growth,” added Philippe Lautenberg, Co-Founder and Managing Partner at Bregal Milestone. “The Italian and European cybersecurity markets are undergoing a significant transformation, and we are convinced that Nethive is ideally positioned to capture the opportunities ahead.”

Alvarez & Marsal, PedersoliGattai and Fineurop Soditic acted as financial, legal and M&A and debt advisors to Bregal Milestone, respectively. Deloitte acted as financial and legal advisor to Nethive's shareholders, assisting them on legal aspects and vendor due diligence. Klecha & Co. acted as the exclusive financial advisor to the shareholders of Nethive. Terms of the transaction were not disclosed.

About Bregal Milestone

Bregal Milestone is a leading software and technology private equity firm with c.€2.3 billion of capital raised since inception. The firm provides growth capital and operational support to build market-leading companies in B2B software, AI and cybersecurity. Bregal Milestone is part of Bregal, a global GP solutions platform for the private markets with assets under management of over €24 billion. Bregal Milestone was recognized by GrowthCap as one of the Top Private Equity Firms of 2026. For more information, visit www.bregalmilestone.com or follow us on LinkedIn.

About Nethive

Nethive S.p.A. is a leading Italian cybersecurity provider serving enterprise, SME and public-sector customers. Nethive delivers managed security services, professional services, technology resale and proprietary software, supporting more than 250 clients across telecommunications, energy, healthcare, industrials and public administration. For more information, visit http://www.nethive.it or follow us on LinkedIn.

About JoyComm

Joy Comm is an Italian cybersecurity and IT/OT networking specialist providing the design, implementation and management of secure network and cloud infrastructures. For more information, visit https://www.joycomm.eu/ or follow us on LinkedIn.

Disclosure: Endorsements presented herein are made by current or former portfolio company executives, over which Bregal Milestone may have the ability to exercise discretion on employee compensation, promotion and other employment decisions and may also be investors in Bregal funds.

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