IT firm Wipro Limited on Monday said it has signed an agreement to acquire Austin, Texas headquartered transformational cybersecurity consulting provider Edgile. Wipro will acquire the company in a cash deal for a purchase consideration of $230 million.
Edgile focuses on risk and compliance, information and cloud security, and digital identity. The acquisition will address the fast-growing demand for cybersecurity consulting among Global 2000 enterprises, Wipro said in a statement.
Wipro said that the acquisition will strengthen its leadership in strategic cybersecurity services. "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 noted that Edgile's "strategy-first" approach and "Quick Start" solutions will allow the combined entity to deliver enhanced value in strategic cybersecurity services.
"Together, 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," the statement said.
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 in a highly secure manner, it added.
Abry Partners, a minority private equity investor in Edgile, will fully exit its investment in Edgile as a result of this transaction which is expected to be completed before 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 the trusted partner to security leaders and boardroom stakeholders. I see the team blending very well with Wipro's CyberSecurists to deliver transformational cybersecurity on a global scale," said Tony Buffomante, Senior Vice President & Global Head - Cybersecurity & Risk Services, Wipro.
Wipro has been 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.
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