US-based software security firm Cigital has acquired India-based peer iViz Security, for an undisclosed amount, providing an exit to IDG Ventures, a corporate venturing subsidiary of data and publishing firm IDG.
IDG Ventures invested $2.5m in iViz, which has created clod-based software that can carry out security tests on web applications, in December 2007, a year after it was founded by Indian Institutes of Technology alumni.
Bikash Barai, co-founder of IViz, said: “We grew by 57% last year and we achieved cash flow breakeven in late 2012.
“However, in order to realise our vision of being one of the top three players in our segment, we needed to grow at a much faster pace. Cigital has complementary market reach and technologies that can help.”