Bengaluru, NFAPost: Indian software major Wipro acquired US-based cybersecurity services firm Edgile for $230 million (Rs 1,744 crore) in cash to strengthen its expertise in the security domain, said the IT firm on Monday.
“The acquisition of Edgile will enhance our cybersecurity and risk consulting capabilities to benefit our global customers,” said the city-based vendor in a statement.
The 100% equity share deal will be completed by March 31, 2022 and minority equity investor Abry Partners will exit Edgile, as part of the deal.
Austin headquartered Edgile provides cybersecurity and risk management consulting services to corporations, worldwide. The 20-year-old private firm has 182 employees on onsite and posted $44.1 million revenue in calendar year 2020.
“Our strategic approach and ‘Quick Start’ solutions will allow the combined entity deliver enhanced cybersecurity services,” said the statement.
Post-acquisition, the partners will jointly develop an integrated suite (CyberTransform) to help enterprises improve boardroom governance of cybersecurity risk and invest in cyber strategies.
“In collaboration with alliance partners, we will enable our customers to ramp up their digital transformation and operate in virtual supply chains,” said the outsourcing firm.
Edgile also focuses on risk and compliance, information and cloud security and digital identity. “Edgile’s consulting capabilities and our CyberTransform suite will make us a trusted partner to security leaders and boardroom stakeholders,” said Wipro global head for cybersecurity and risk services Tony Buffomante.
Early this year, Wipro acquired Australia-based cybersecurity services firm Ampion for $117 million in cash and the cybersecurity practice from Capco, a leading consultancy in the BFSI sector across Europe and the US.
“Our joint cybersecurity risk consulting and security management capabilities will help customers to embrace their digital transformation and sustain their risk management priorities,” said Edgile chief executive Don Elledge in the statement.
Commenting on the acquisition, Emkay Global Financial Services said it will strengthen Wipro’s leadership in strategic cybersecurity services.
“Edgile’s experienced cybersecurity and risk management professionals will allow Wipro to further enhance its cybersecurity and risk consulting capabilities for its customers. In addition, the company’s ‘strategy-first’ approach and ‘Quick Start’ solutions will allow the combined entity to deliver enhanced value in strategic cybersecurity services,” said Emkay Global Financial Services.
According to analysts Wipro and Edgile will develop Wipro CyberTransform, an integrated suite that will help enterprises enhance boardroom governance of cybersecurity risk, invest in robust cyber strategies and reap the value of practical security in action.
“In collaboration with an extensive roster of alliance partners from Wipro and Edgile, Wipro CyberTransform will enable organizations to accelerate their digital transformation and operate in virtual, digital supply chains – all in a very secure manner,” said Emkay Global Financial Services.
