SUMMARY
TAC Infosec has signed a share purchase agreement for acquiring US-based cybersecurity firm Cyber Sandia for $25,000
Incorporated in May 2023, Cyber Sandia is a preferred vendor for the state Of New Mexico and provides shorter contract solicitation, cost effective products and services
TAC Infosec said that the acquisition will enable it to enhance its service offerings and strengthen its direct engagement with government clients
SaaS cybersecurity startup TAC Infosec has signed a share purchase agreement for acquiring US-based cybersecurity firm Cyber Sandia for $25,000 (about INR 20.95 Lakh) to bolster its presence in the US public sector market.
The share purchase agreement was signed between TAC Security, Inc., a US-based wholly owned subsidiary of TAC Infosec, and New Mexico-based Sandia IT & Cyber-Security Services, LLC (Cyber Sandia), TAC Infosec said in an exchange filing.
TAC Infosec said that the acquisition will enable TAC Security Inc to enhance its service offerings and strengthen its direct engagement with government clients, ensuring seamless delivery of cybersecurity solutions.
Incorporated in May 2023, Cyber Sandia is a preferred vendor for the state Of New Mexico, “which cuts red tape, provides shorter contract solicitation, cost effective products and services, for the state of New Mexico and other New Mexico government agencies”, the startup added.
TAC Infosec said that the acquisition is in line with its plans to become a trusted cybersecurity partner for government agencies across the US and offer its service in other states.
It is pertinent to note that the US is the largest cybersecurity market in the world and 70% of TAC Security’s total revenue comes from the country.
Commenting on the acquisition, TAC Infosec CEO and chairman Trishneet Arora said, “This acquisition will allow us to leverage our expertise and provide comprehensive security solutions that meet the growing demands of the public sector.”
TAC Infosec said that it has a longstanding relationship with the state of New Mexico, having previously worked with the Office of State Auditor and the Office of Attorney General for the state.
The development also aligns with the state’s recent move to increase its cybersecurity budget, allocating $45 Mn to protect state assets and infrastructure against evolving cyber threats.
The development comes at a time when TAC Infosec has been gaining new customers. Earlier this month, the startup claimed that it added 250 new customers in the month of July 2024. Out of this, 149 new customers were from the US. It was followed by the Indian market, from which it added 20 new clients. In Q1 FY25, TAC Infosec claimed to have bagged 590 new clients.
The startup’s net profit rose 23% to INR 6.33 Cr in FY24 from INR INR 5.12 Cr in FY23. Operating revenue zoomed 17% to INR 11.84 Cr from INR 10.09 Cr in FY23.
Employee benefit expense was a major contributor to its expenses. In July, TAC Infosec’s board also approved a proposal for the formulation, adoption and implementation of a new employee stock option plan (TAC ESOP 2024).
Founded in 2016 by Arora, TAC Infosec offers risk-based vulnerability management and assessment solutions, and other SaaS cybersecurity solutions to enterprises and small businesses.
It listed on NSE’s SME platform in April this year. Its initial public offering (IPO) received an overwhelming response from investors, closing with a 392.5X oversubscription. Its shares listed at INR 290, a premium of 173.6% to the issue price of INR 106.
Shares of TAC Infosec ended Friday’s (August 23) trading session 5% higher at INR 773.90.
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Publish date : 2024-08-24 03:12:00
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