With the partnership, Tech Mahindra aims to offer security consulting services to customers in the enterprise market, apart from telecom which is its traditional stronghold.
The security consulting group within TechM contributed about $22 million to the company's consolidated revenue in the fiscal 2006-07.
The company aims to corner an additional $6 million in revenue in the fiscal 2008-09 with the help of this partnership. The company also aims to double the headcount of its security consultants to 500 by the end of the current fiscal.
Lucius Lobo, Director Security Practice, TechM told Business Standard that the company would expand its service offerings to customers in sectors like banking and financial services, manufacturing and retail.
"Application security is the biggest nightmare of the global enterprises today with over 75 per cent of all security attacks happening in this space. The on-demand application security-testing solutions of Veracode will help Tech Mahindra in getting evaluated software applications which are already developed."
Veracode along with Tech Mahindra will develop a joint application security portfolio to cater to end-customers. IDC estimates the security testing solution market stands about $10 billion, and is growing at a CAGR of 20 per cent.
Tech Mahindra believes that going forward application security and, identity and access management, business continuity and disaster recovery will be the growth areas of the company.
