The acquisition to strengthen eMudhra’s presence and positioning in the US market.
Bengaluru, NFAPost: eMudhra Limited announced that it has entered into a definitive agreement to acquire 51% of Ikon Tech Services LLC, Texas, USA, through its wholly owned subsidiary eMudhra Inc, USA.
Ikon Tech is a technology company in Houston Texas, USA, specialising in digital transformation and cyber security and has been in operation since 2012.
The company is in the business of providing consulting, solutioning and technology services in cybersecurity, digital transformation with an industry focus of Financial Services, Government, Healthcare and Oil and Gas. Its revenue from digital transformation and cyber security services during the year ended December 31, 2022, amounted to USD 6.7 million.
eMudhra has been in the digital trust, digital security and digital transformation space for the past 14 years. Over the years, eMudhra has established a strong footprint in India and emerging markets with marquee reference customers.
eMudhra’s ambition to grow to the next level will depend on expanding into developed markets particularly the US which is the largest software market in the world. This in turn will depend on our ability to show an initial set of reference customers, our ability to hire talent to drive customer relationship management, our ability to provide local support to ensure streamlined delivery in US.
Since Ikon Tech has been in existence for the past 10 years and is engaged in digital transformation and cyber security related IT business, (similar line as eMudhra) acquisition of Ikon Tech will provide:
1. Revenue base in USA
2. Initial set of reference customers
3. Talent to drive customer engagement.
4. Local support to ensure streamlined delivery.
Further, scale and reference customers in the US will provide strong credibility when we go after other developed/emerging markets.
eMudhra Limited Executive Chairman V Srinivasan said the global society is integrating more and more through digital medium.
“Paperless digital transformation and cyber security have become key needs in such integrated digital society. eMudhra catering to such needs has seen industry leading growths in Indian and other emerging markets. eMudhra has also recently forayed into the developed markets such as US,” said eMudhra Limited Executive Chairman V Srinivasan.
To cater to its growth aspects in US, eMudhra Limited Executive Chairman V Srinivasan said eMudhra proposes to acquire 51% of Ikon Tech.
“This acquisition is expected to accelerate eMudhra’s penetration in the US market. Combined with eMudhra’s product range and Ikon Tech’s solutions and services capabilities, I am sure that we will provide unparalleled value to our customers as they pursue their digital journey,” said eMudhra Limited Executive Chairman V Srinivasan.
Ikon Tech President Suresh Kathamreddy said while considering strategic alternatives, Ikon found that eMudhra’s management shares a common strategic vision as Ikon Tech.
“Further, in eMudhra, we found a strong conviction for driving client success through innovation. We are confident of taking eMudhra’s products to our customer base and support eMudhra in its solutioning and support capabilities. I am really excited about the possibilities of what we can do together,” said Ikon Tech President Suresh Kathamreddy.
About eMudhra
eMudhra is a global organization aimed at empowering secure digital transformation by offering trust services and developing solutions around identity, authentication and digital signatures. eMudhra is a global trust service provider and largest certifying authority in India having managed over 60 million digital identities. eMudhra is a Board Member of the Cloud Signature Consortium, Chair of the Asia PKI Consortium and is a principal member of the CA/Browser Forum.
eMudhra has a strong marquee client list including Fortune 100 clients, and over 800+ large enterprises who use its products and solutions for their secure digital transformation initiatives. eMudhra has about 800 employees in offices across 7 countries serving customers in over 20 countries
