iViz Security, a Bangalore based company has been acquired by Cigital, which is a software security firm based in the United States. Both the companies involved in the transaction denied commenting on the size of the transaction.
Cigital will leverage the technology and capabilities from the iViZ acquisition to offer 3D Unlimited Application Security Testing, featuring unmatched flexibility across three dimensions: the number of tests, the depth of tests, and the number of applications tested.
iViz Security provides cloud based application security testing to its clients and is backed by Venture Capital firm IDG Ventures. The company was founded in 2006 by two IITians Nilanjan De and Bikash Barai. iViz is now a 60 member team and provides its clients with on demand scheduling of tests and a comprehensive analytics dashboard to view the results of these tests and determine each organization’s security posture and position. The firm has over five hundred customers which include high profile names like Flipkart, NSDL and ING. Seventy percent of the firm's revenue comes from Europe and the United States.
According to Bikash's statement to TOI, "iViz has been growing steadily, we grew by 57 percent last year and we achieved cash flow breakeven in late 2012. However, in order to realize our vision of being one of the top three players in our segment, we needed to grow at a much faster pace. Cigital has complementary market reach and technologies that can help iViz to realize its dream."
iViz Security is all set to become a wholly owned subsidiary of Cigital after the acquisition is finalized. Post acquisition, Bikash will continue to be the Chief Operating Officer (CEO) of the firm and join the Cigital Board, while Nilanjan will look after technology development.
“The acquisition of iViZ enables Cigital to deliver the most flexible and scalable Dynamic Application Software Testing-as-a-Service in the market,” said John Wyatt, chief executive officer at Cigital. “This capability is fully realized through the introduction of Cigital’s 3D Unlimited Application Testing, which profoundly alters the way organizations reduce risk at the application layer. The dynamic nature of the offering gives organizations real agility to respond to new threats, regulatory requirements, and constantly changing business pressures.”
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