India’s third largest IT services exporter Wipro has announced an investment of $8.8 million to pick up 33.3% stake in Denim Group, a US based application security firm. Through this investment, Wipro now plans to jointly leverage along with Denim Group to address the cybersecurity market. According to notices issued to the stock exchanges, Wipro said, “This partnership will bring together Wipro’s strong digital transformation and cybersecurity capabilities with Denim Group’s application security consulting, assessments and implementation services including DevSecOps and secure development training services.” Commenting on the investment, Sheetal Mehta, vice-president & global head, Cybersecurity & Risk Services, Wipro, said, “It strengthens Wipro’s portfolio of digital transformation services as well as taps into services for embedding security in software development methodologies such as Agile & DevOps.”
Established in 2001, Denim Group is a privately held firm with around 60 employees. It provides technology solution in the area of application security and its flagship solution platform is ThreadFix. It reported a revenue of $11.3 million for 2017 and $10.9 million in 2016. Wipro has been the most active among the top tier Indian IT services companies to invest in technology start-ups globally. The IT major’s strategic investment arm — Wipro Ventures — has got a corpus of $100 million and focuses on investing in early- to mid-stage start-ups. Wipro Ventures is headed by Rishad Premji, the firm’s chief strategy officer and key focus areas of investments are artificial intelligence, big data, Internet of Things, healthcare IT, financial technology etc.