Deal Announcement 11/25: Service Industries

The Deal

The PwC M&A team is pleased to announce the successful sale of the main activities of dissecto GmbH („dissecto“) to dSPACE GmbH. 

dissecto, headquartered in Regensburg, is a deep-tech company focused on the security of embedded systems. The core of the portfolio is the web-based testing platform HydraVision, which enables automated, scalable and collaborative security testing and supports compliance requirements. The software is complemented by a proprietary hardware ecosystem as well as services in the areas of penetration testing and cybersecurity workshops. dissecto primarily addresses the automotive industry with growing traction in other regulated IoT segments like agriculture, health, and manufacturing.

dSPACE is one of the leading technology providers for the development, simulation and validation of complex electronic and software functions in the automotive industry and other sectors. With the acquisition of dissecto, dSPACE will offer powerful, end-to-end, automated security testing workflows throughout the entire development process. dissecto technologies – in particular, the scalable cybersecurity test framework for vehicle development, HydraVision – will be integrated with existing development and test solutions from dSPACE in the future.

„Cybersecurity is a key success factor in the development of modern, connected systems. With dissecto technologies, we can offer our customers an expanded portfolio with a highly specialized cybersecurity platform that optimally complements our validation and verification offerings. In this way, we support manufacturers and suppliers in sustainably meeting the increasing security requirements in the automotive industry,“ says Carsten Hoff, CEO of dSPACE.

The sale of the dissecto was led by PwC, that was able to keep fierce competition between several interested investors, from leading international tech-companies to financial investors, until the signing of the transaction on 17 November 2025. dSPACE finally convinced the creditors with the most attractive offer and strategic concept. All employees were taken over by dSPACE.

The deal was closed in November 2025.

dissecto GmbH

dissecto was founded by Dr. Nils Weiß, Alexander Meisel and Dr. Enrico Pozzobon in 2022. Through its pioneering vehicle security expertise, dissecto was able to attract major automotive clients like Bosch or KTM. 

dSPACE GmbH

dSPACE, headquartered in Paderborn, is a leading German provider of simulation and validation solutions for developing networked, autonomous, and electrically powered vehicles. It employes over 2,900 employees all over the world.

Dr. Beck und Partner

Attorney at law Dr. Hubert Ampferl is partner of the law firm Dr. Beck & Partner GbR and was appointed as insolvency administrator of dissecto GmbH. 

Dr. Beck & Partner is one of the leading law firms working exclusively in the field of insolvency administration and insolvency law with offices in Nuremberg, Munich, Regensburg, Ansbach, Hof, Wurzburg, Augsburg and Landshut.

PwC

The global PricewaterhouseCoopers network is a worldwide association of independent auditing and consulting companies which together employ nearly 365,000 people in 136 countries. Our global network comprises over 2,200 M&A professionals all over the world, realising approx. 400 successful transactions per year. Our Distressed M&A team led by Timo Klees (Partner) is market leading in Germany and has successfully advised on more than 80 transactions out of special situations and insolvency situations in recent years. 

The German PwC M&A team included Timo Klees (Partner), Fabian Dalka (Director), Julia Jaumann (Senior Manager), Pascal Seeling (Manager) and Jan Klaus (Senior Associate).