Wipro Sells Application Security Company Stake

Global IT consulting giant Wipro has sold its minority stake in application security provider Denim Group to Coalfire, the buyer confirmed to MSSP Alert.

Coalfire’s buyout of Denim Group is technology M&A deal number 293 that  ChannelE2E has covered so far in 2021. See all technology M&A deals for 2021 and 2020 listed here.

Wipro had owned about 33 percent Denim Group as of March 2018. Wipro sold the stake for $22.42 million, according to a filing with BSE (India’s stock exchange). This is Wipro’s second asset sale in recent weeks. The other exit involved Ensono, a Top 250 Public Cloud MSP now owned by KKR.

Coalfire-Denim Group: Key Security Services

Coalfire is a cloud, consulting and managed security services provider based in Westminster, Colorado. The company now owns all of Denim Group.

The combined Coalfire-Denim Group teams now serve over 1,800 clients, including the top five cloud service providers, half of the largest U.S. banks, along with government agencies and healthcare companies, the buyer says.

Denim Group Develops ThreadFix, an application security orchestration and correlation (ASOC) platform. The San Antonio, Texas-based company also offers consulting services — including security assessments, vulnerability remediation — and an application security accelerator program.

Wipro Acquires Technology Consulting Firms

Wipro has also been in acquisition mode. Key deals include buying:

  • April 2021: Ampion, an Australia-based provider of cybersecurity, DevOps and engineering services.
  • March 2021: Capco, a global management and technology consulting company, for $1.45 billion.
  • October 2020: Encore Theme Technologies, a SaaS and financial services consulting firm.
  • October 2020: Engineering services company Eximius Design.
  • July 2020: Salesforce cloud partner 4C.
  • July 2020: Brazilian vertical market technology consulting firm IVIA Serviços.

Wipro Financial Performance

Wipro’s business has been growing steadily. Gross revenue was $2.2 billion for the quarter ended March 31, 2021, up 3.4 percent from the corresponding quarter in 2020. Also, net income was $406.4 million, up 27.8 percent from the corresponding quarter in 2020.

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