Accel to invest in Cyber Security Company to enhance presence in Managed Security Practice

This initiative is in line with the company's objective of expanding its IT security services portfolio.

January 21, 2022 3:30 IST | India Infoline News Service
Science and Technology
Accel Limited has announced that the company is acquiring a substantial minority stake in BizCarta Technologies India Private Limited , a leading cyber security consulting and services company based in Bangalore, India with operations and customers in USA, Singapore, Australia.

The board meeting held on Thursday approved the transaction and authorized the managing director to sign necessary agreements and conclude the deal within 30 days. This initiative is in line with the company's objective of expanding its IT security services portfolio. The company will be setting up a Security Operations Centre in Chennai to offer managed security services.

The move to acquire BizCarta was initiated in April 2020 but delayed due to Covid related uncertainties. Now the deal has been-finalized in such a way that Accel ITS will have full-fledged managed security practice starting from April 2022 in addition to the current service portfolio of IT Infrastructure management and System Integration Services.

Commentating on this strategic investment, N. R. Panicker, Managing Director and CEO of Accel Limited said, "the proposed investment in BizCarta technologies fits in to our vision for Accel 2.0- to become a full-fledged provider of digital transformation services."

BizCarta's security portfolio and product frame work will help us to create our own niche in IT security space in India, said S. V. Rao, President and CEO of Accel IT Services.

Commenting on the development, Pradeep Kumar, founder and Managing Director of BizCartasaid, "Todays cyber threats are more complex and multi-dimensional and constantly evolving. Becoming part of Accel group, we will be able to take our solutions to market more effectivelyand pro- actively, to build cyber resilience against dynamically changing scenario of cyber threats."

On Friday, Accel stocks ended at Rs30.55 per share higher by 4.98% on the BSE.

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