Press release from the Competition Council regarding the economic concentration project concerning the acquisition by the investment fund “Build UP Fund” and the company “Africinvest Small Cap Fund LLC” of joint control of the company “Near Secure SA”, alongside the historical shareholders.

In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 issued for its implementation, as amended and supplemented, the Competition Council makes available to the public the “operation summary” below, containing the information provided by the parties.

This information has been prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed operation.

The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 issued for the implementation of Law No. 104-12 on freedom of prices and competition as amended and supplemented.

Names of the companies and groups concerned:

• The acquirers:
• Fund “Build Up Fund”;
• Company “Africinvest Small Cap Fund LLC”;

• The target: Company “Near Secure S.A.”.

Nature of the operation

• Joint control acquisition.

Economic sectors concerned

• Cybersecurity services market.

Deadline for interested third parties to submit their observations

• 10 days from the date of publication of this press release, i.e. September 9, 2026.

NON-CONFIDENTIAL SUMMARY OF THE OPERATION

The Competition Council received notification of an economic concentration operation concerning the joint control acquisition of Company “Near Secure SA” by the fund “Build Up Fund” and the company “Africinvest Small Cap Fund LLC”, alongside the historical shareholders, through the acquisition, respectively, of 34.5% and 12.8% of its share capital and associated voting rights.

“Build Up Fund” is a Moroccan collective investment fund with share capital, registered with the Casablanca Trade Register under No. 715013, headquartered at the corner of Rue Ahmed Charci and Rue Abderrazak, Les Champs d’Anfa D Residence, 2^nd floor, Casablanca. It is authorized by the Moroccan Capital Market Authority and managed by the management company “Private Equity Initiatives SA”, dedicated to supporting Moroccan companies with high growth potential.

“Africinvest Small Cap Fund LLC” is a Mauritian company, registered with the Companies Register of Mauritius under number 209207 GBC, with its registered office at 5th Floor, Nexsky Building Ebène Cybercity, 72201, Mauritius. It is a pan-African investment fund dedicated to supporting small and medium-sized enterprises (SMEs) in Africa, including in Morocco, with high growth potential.

“Near Secure SA” is a Moroccan joint stock company, registered with the Rabat Trade Register under number 126741, with its registered office at No. 72 Avenue Hamane Fatwaki, Aviation Mabella District, Youssoufia, Rabat. The company specializes globally and in Morocco in information security audit and consulting (Cybersecurity).

 

Done in Rabat, August 28, 2026