Leonardo’s eyes partnerships in cyber security-expansion: CEO

FILE PHOTO: Leonardo is the CEO, Alessandro Profumo, is to be seen on a screen at the defense group’s headquarters in Vergiate, near Milan, Italy to January 30, 2018. (REUTERS photo/Massimo Pinca/File Photo

ROME (Reuters) – Italian defence group, Leonardo (ld or.MI) is seeking partnerships with high-tech companies in the cyber security sector, with Chief Executive Alessandro Profumo said on Tuesday.

The state-controlled group, which counts as the North Atlantic treaty organization (NATO) and british ministry of defence among its clients, is for cyber security products and services, has recently launched a new division that will specialize in the field.

The division employs approximately 1,500 employees and has an annual turnover of 400 million euros ($440 million), or 3%, from Rome, and, on the basis of Leonardo’s total revenue.

“We are on the look out for businesses that are interesting technologies,” Profumo told reporters on the sidelines of a Cyber security event, taking place in Rome, and to add to that, it would have to be able to look at the equity investments and partnership agreements.

In a keynote speech at the annual Cybertech conference, which Profumo said that the global market for goods and services in the cyber security business is estimated to be $180 billion by 2021.

Reporting by Francesca Landini; Editing by David Goodman

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