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eMudhra Acquires Majority Stake in Ikon Tech Services


eMudhra Limited has acquired a 51% share of Ikon Tech Services LLC, Texas, USA, through its wholly owned subsidiary eMudhra Inc, to establish a presence in the United States. Financial terms of the deal were not disclosed.

This is technology M&A deal number 165 that ChannelE2E and MSSP Alert have covered so far in 2023. See more than 2,000 technology M&A deals for 2022, 2021, and 2020 listed here.

eMudhra Acquires Ikon Tech for US Foothold

eMudhra, based in Bangalore, India, was founded in 2009. The company has 797 employees listed on LinkedIn. eMudhra's areas of expertise include digital trust, digital security and digital transformation, Public Key Infrastructure (PKI), Certifying Authority, Trust Service Provider, Certificate Lifecycle Management, Identity and Access Management (IAM), Digital Signatures, SSL/TLS Certificates, Document Signer Certificates, Multifactor Authentication (MFA), Adaptive Authentication, Paperless Office, Digital Workflow Platforms, eSign Service, Cryptography, Big Data Analytics, Internet of Things (IoT), and Blockchain.

Ikon Tech, founded in 2012, is based in Houston, Texas. The company has 16 employees listed on LinkedIn. Ikon Tech's areas of expertise include digital transformation and cybersecurity with a focus in the financial services, government, healthcare and oil and gas verticals. Its revenue from digital transformation and cybersecurity services during the year ended December 31, 2022, amounted to USD $6.7 million.

The acquisition will strengthen eMudhra’s presence and positioning in the U.S. market, providing a U.S. revenue base, an initial set of reference customers from which to launch new business, greater access to talent to drive customer engagement and local support to ensure streamlined services delivery, the companies said.

eMudhra Acquires Ikon Tech: Executive Commentary

Venkatraman Srinivasan, CEO, eMudhra
Venkatraman Srinivasan, executive chairman, eMudhra

Mr. Venkatraman Srinivasan, executive chairman, eMudhra Limited, commented on the news:

"The global society is integrating more and more through digital medium. Paperless digital transformation and cybersecurity have become key needs in such integrated digital society. eMudhra catering to such needs has seen industry-leading growths in Indian and other emerging markets. eMudhra has also recently forayed into the developed markets such as U.S. To cater to its growth aspects in U.S., eMudhra proposes to acquire 51% of Ikon Tech. This acquisition is expected to accelerate eMudhra’s penetration in the U.S. market. Combined with eMudhra’s product range and Ikon Tech’s solutions and services capabilities, I am sure that we will provide unparalleled value to our customers as they pursue their digital journey."

Mr. Suresh Kathamreddy, president, Ikon Tech, added:

"While considering strategic alternatives, we found that eMudhra’s management shares a common strategic vision with Ikon Tech. Further, in eMudhra, we found a strong conviction for driving client success through innovation. We are confident of taking eMudhra’s products to our customer base and supporting eMudhra in its solutioning and support capabilities. I am really excited about the possibilities of what we can do together."