IT major Wipro Ltd, has signed an agreement to acquire Austin, Texas-based Edgile, a transformational cybersecurity consulting provider that focuses on risk and compliance, information and cloud security, and digital identity. The purchase consideration is $230 million, according to regulatory filings.
Edgile is recognized by security and risk leaders for its business-aligned cybersecurity capability, deep understanding of the changing regulatory environment and enabling cloud transformations that helps secure the modern enterprise. 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.
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, a release from the company added. In collaboration, with an extensive roster of alliance partners from Wipro and Edgile, Wipro CyberTransform will enable organisations to accelerate their digital transformation and operate in virtual, digital supply chains — all in a highly secure manner.
Tony Buffomante, Senior Vice-President & Global Head – Cybersecurity & Risk Services, Wipro Ltd, said, “Adding Edgile’s strategic consulting capabilities and launching Wipro CyberTransform™ are significant milestones in 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.”
Don Elledge, Chief Executive Officer, Edgile, said, “We are immensely thrilled to join Wipro, a company we admire for its values and deep technology capabilities. Our collective full spectrum of cybersecurity risk consulting and security management capabilities will help our global customers to continue to securely embrace their digital transformation journey and sustain their ongoing risk management priorities.”
Earlier this year, Wipro strengthened its cybersecurity business by acquiring Ampion, a leading provider of cybersecurity services in Australia, and the cybersecurity practice of Capco, a leading consultancy in the BFSI sector in Europe and the US. Additionally, through its Wipro Ventures arm, the company continues to invest in innovative cybersecurity start-ups, demonstrating the firm’s strong commitment towards providing industry leading cybersecurity solutions across sectors and regions.
Abry Partners, a minority private equity investor in Edgile, will fully exit its investment in the company as a result of this transaction. Piper Sandler acted as financial advisor to Edgile and Stone Key Partners LLC acted as financial advisor to Wipro for the transaction. The transaction is expected to be completed before March 31, 2022, subject to regulatory approvals and customary closing conditions.