IT services firm Wipro has agreed to pay $8.8m for a 33% stake in US-based application security software provider Denim Group, the Economic Times has reported.
Founded in 2001, Denim has created a software platform called ThreadFix that helps organisations assess and fix security vulnerabilities in their applications. Its technology will be integrated into Wipro’s existing cybersecurity and digital services offering.
The company, which reported $11.3m in revenue in 2017 according to Wipro, has not disclosed any earlier funding. It will use the cash to enhance ThreadFix and expand its business.
Sheetal Mehta, vice-president and global head of cybersecurity and risk services for Wipro, said: “Wipro’s investment in Denim Group reflects our continued commitment to assist our customers in simplifying digital risk management by enabling them to roll out secure software faster.
“It strengthens Wipro’s portfolio of digital transformation services as well as tapping into services for embedding security in software development methodologies like Agile and DevOps.”