 "Aurionpro to acquire Silicon Valley-based Spikes Security")
NSE- listed technology services provider Aurionpro Solutions, a provider of enterprise security, digital innovation and banking solutions announced today that it has signed a definitive agreement to acquire Spikes Security, a Silicon Valley pioneer of network based Web Malware Isolation products.
The transaction will create a dedicated subsidiary focused on enterprise security by merging Aurionpro’s Enterprise Security division and Spikes Security. Post the merger the subsidiary will be valued at $100 million.
The subsidiary will be headquartered in Silicon Valley with global operations in North America, Europe, Asia and Australia
The new subsidiary attracts fresh equity investment from new and existing investors including Benhamou Global Ventures and Javelin Venture Partners. Aurionpro will own 80% of the new combined subsidiary. The closure of the merger process is targeted to be completed in six weeks.
The acquisition will allow Aurionpro to expand its addressable market with offerings ranging from Identity and Access Management to Web Malware isolation – a rapidly growing new area in Cyber Security. The company will get access to 20-25 new customers of Spikes Security.
"Our focus has been to steer our core businesses towards accelerated growth and this deal brings great impetus to our security business. There are tremendous synergies by bringing together Spikes Security futuristic product with Aurionpro’s rich legacy of Enterprise Security solutions," said Samir Shah, CEO, Aurionpro.
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The combined business will benefit from expanded customer reach, a broader product portfolio and an accelerated roadmap by leveraging offshore low cost R&D.
The new subsidiary will have Michael Mansouri as CEO and Swapnil Mehta as President. Mansouri is currently CEO of Spikes Security.
"We are delighted with the combination of Spikes and Aurionpro Enterprise Security division to address the large growing market in malware isolation, identity and access management. The new subsidiary will leverage the growing trend of enterprises buying from MSSP’s as well as the increasing adoption of isolation technologies by mainstream enterprise customers," said Anik Bose, Chairman of Spikes and General Partner of Benhamou Global Ventures.
"We are delighted with the combination of Spikes and Aurionpro Enterprise Security division to address the large growing market in malware isolation, identity and access management. The new subsidiary will leverage the growing trend of enterprises buying from MSSP’s as well as the increasing adoption of isolation technologies by mainstream enterprise customers," said Anik Bose, Chairman of Spikes and General Partner of Benhamou Global Ventures.