New Delhi, Nov. 7 -- IT solutions provider Hexaware Technologies, which is majority-owned by private equity major Carlyle, has agreed to buy CyberSolve, a provider of identity and access management (IAM)-focused solutions.
Mumbai-listed Hexaware Technologies will acquire 100% stake in all of CyberSolve's entities for about $66 million (Rs 585.2 crore) in cash, according to a stock exchange filing. As a part of the deal, it will pay $34.5 million upfront and remaining $31.5 million based on its performance in the future.
The deal marks the second acquisition of Hexaware, which listed on the exchanges in February this year, in less than four months. It previously bought global capability centre-builder SMC Squared in an all-cash deal in July for about $120 million. The deal, it had said, will help strengthen its presence in India's rapidly growing global capability centre (GCC) market.
Meanwhile, CyberSolve helps Hexaware to bolster its AI-led cybersecurity capabilities, with its niche IAM capability with differentiated accelerators and tooling that can act as "door openers" for sales and speed delivery.
CyberSolve, founded in 2016 by Atul Agarwal and Shubham Khandelia, specialises in offering consulting and system integration services to its clients in the IAM space. The company derives about 90% of its revenue from the US. It has executed more than 500 implementations across sectors.
It reported a turnover of $25.8 million (around Rs 229 crore) in the last calendar year.
It is led by chief executive Mohit Vaish, who joined the company in December 2023, and will continue to lead the business. Meanwhile, Agarwal and Khandelia, will continue in an advisory role for the near term.
Published by HT Digital Content Services with permission from VC Circle.