Govertis, a Spain-based cyber risk and compliance software provider backed by telecommunications firm Telefónica, was acquired yesterday by the latter’s cybersecurity subsidiary, ElevenPaths.
Founded in 2012, Govertis helps enterprise clients in Spain and Latin America manage cybersecurity risks to their business by providing software to protect IT systems and guidance on compliance with relevant regulatory frameworks.
ElevenPaths, which forms of Telefónica Tech, a subsidiary of Telefónica focused on cloud, security and data technologies, will leverage the company’s products as part of its cybersecurity offering.
Govertis formed a strategic partnership with ElevenPaths in 2012 before licensing its management and regulatory compliance platform to Telefónica in 2015. Wayra, Telefónica’s accelerator and early-stage investment arm, invested an undisclosed amount in the company in 2018.
Miguel Arias, global entrepreneurship director at Telefónica, said: “This operation provides an excellent example of how Wayra, as Telefónica’s interlocutor with the entrepreneurial ecosystem, can enable start-ups to form a joint business, a business with so much potential that, as in the case of Govertis, it can ultimately become fully integrated into the company.”