Mumbai-based enterprise security company Aurionpro Solutions Ltd has agreed to acquire Silicon Valley-based startup Spikes Security for an undisclosed sum.
A dedicated subsidiary focused on enterprise security will be created by merging Aurionpro's enterprise security division and Spikes Security. The subsidiary will be headquartered in Silicon Valley with global operations in North America, Europe, Asia and Australia.
Aurinpro will hold 80 per cent stake in the subsidiary. New and existing investors including Benhamou Global Ventures and Javelin Venture Partners will make fresh equity investment in the subsidiary.
The merger is expected to be closed in six weeks time, a statement from Aurionpro said.
In addition to expanding its set of offerings, the deal accelerates the growth objectives of Aurionpro's enterprise security division by expanding its addressable market -- worth $18 billion -- with offerings ranging from identity and access management to web malware isolation, according to the company.
Spikes Security CEO Michael Mansouri will be the CEO of the new subsidiary, while Swapnil Mehta, who currently heads Aurionpro's enterprise security division, will serve as president.
"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 combination provides significant potential for establishing a leadership position in a very lucrative and growing market," said Anik Bose, chairman, Spikes and general partner (GP) of Benhamou Global Ventures. "The new subsidiary will leverage the growing trend of enterprises buying from MSSPs (managed security service providers) as well as the increasing adoption of isolation technologies by mainstream enterprise customers."
Founded in 2012, Spikes Security offers a web malware isolation solution that protects organisations from the most advanced web borne threats by isolating all web content outside the network perimeter.
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