IT firm Wipro Limited has signed an agreement to acquire Austin, Texas based transformational cybersecurity consulting provider Edgile. Wipro is going to acquire the company in a cash deal for a total of $230 million.
Edgile focuses on risk and compliance, information and cloud security, and digital identity. Wipro said in a statement that the acquisition will address the growing demand for cybersecurity consulting among Global 2000 enterprises.
The acquisition will strengthen its leadership in strategic cybersecurity services, according to Wipro. Edgile is recognized by security and risk leaders for its unique business-aligned cybersecurity capability, deep understanding of the changing regulatory environment and enabling cloud transformations that help secure the modern enterprise, it added.
The IT giant said that the combination will deliver enhanced value in strategic cybersecurity services because of Edgile's strategy-first approach and Quick Start solutions.
The statement said that Wipro and Edgile will develop Wipro CyberTransform an integrated suite that will help enterprises improve boardroom governance of cybersecurity risk, invest in robust cyber strategies and reap the value of practical security in action.
Wipro CyberTransform will enable organizations to speed up their digital transformation and operate in a highly secure way, in collaboration with the extensive roster of alliance partners from Wipro and Edgile, it added.
Abry Partners, a minority private equity investor in Edgile, will fully exit its investment in Edgile on March 31, 2022, subject to regulatory approvals and customary closing conditions.
Adding Edgile's strategic consulting capabilities and launching Wipro CyberTransform are significant milestones on our journey to becoming a trusted partner to security leaders and boardroom stakeholders. Tony Buffomante, Senior Vice President Global Head Cybersecurity Risk Services, said that the team is blending very well with Wipro's CyberSecurists to deliver transformational cybersecurity on a global scale.
Wipro is on an acquisition spree to strengthen its cybersecurity business. Earlier in the year, it acquired Ampion, a leading provider of cybersecurity services in Australia, and the cybersecurity practice at Capco, a leading consultancy in the BFSI sector in Europe and the US.