Danish defence group Terma has agreed to acquire the Danish encryption company Dencrypt A/S for a three-digit million-kroner sum. The deal was announced on August 17, 2026, and still awaits final approval.
Terma, the country’s largest defence company, has again been on the acquisition trail. Avisen Danmark reports that the East Jutland group has entered an agreement to buy Dencrypt, citing figures from the business daily Børsen that put the price in the hundreds of millions of kroner. Terma does not disclose the exact amount.
Dencrypt has around 30 employees at offices in Brøndby and Aalborg. The company has spent more than a decade developing end-to-end encryption for organizations with high security requirements. Its technology encrypts voice, video, messages and data on ordinary smartphones, tablets and computers, and builds on cryptographic research from Danmarks Tekniske Universitet, DTU.
With the purchase, Terma moves further into the market for secure communication and encryption. In a press release, the company states that the aim is to develop Dencrypt’s technology into a market-leading solution for secure, nationally controlled communication. According to CEO Henriette H. Thygesen, bringing Dencrypt into Terma strengthens the group’s ability to deliver nationally controlled technologies to defence organizations, authorities and trusted partners.
Børsen reports that Dencrypt’s encryption is already used by Danish ministries and authorities for secure communication. Terma states that the technology is used by public authorities as well as defence and security organizations. Local outlet Lystrupliv notes that Terma will invest further in the Danish cybersecurity technology.
Shareholders and next steps
Ekstra Bladet, citing Børsen, reports that Brøndby IF owner Jan Bech Andersen holds 37 percent of Dencrypt. The tabloid writes that he stands to receive at least 37 million kroner from the sale. Because the final price is not published, that payout remains an estimate.
Industry outlet ITWatch reports that Terma plans to keep Dencrypt’s staff and its two locations while investing in the business. According to ITWatch, Terma intends to expand sales of the technology in Denmark, the Nordic region and the rest of Europe. The outlet links that plan to an increased focus on technological sovereignty in the defence and security sector.
The transaction has been agreed but is not yet completed. Both Terma and Dencrypt state that closing depends on final approval. Neither the companies nor the reporting outlets specify which authorities must approve the deal, or when a decision is expected.
