Wipro to buy a third of US application security company for $8.8 million

BENGALURU: Wipro said it would pay $8.83 million for a 33% stake in application security company Denim Group, to boost its cybersecurity offerings to clients.

US-based Denim Group, which was started in 2001, has about 60 employees and offices in Austin and Dallas. It reported revenue of $11.3 million for calendar year 2017, the Bengaluru-headquartered IT services company 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 taps into services for embedding security in software development methodologies like Agile & DevOps,” Sheetal Mehta, Vice President and Global Head, Cybersecurity and Risk Services at Wipro, said.


Wipro will acquire the stake consequent to an issuance of 510 Series A Preferred Units of Denim Group Ltd and 500 Membership units of Denim Group Management LLC.

Wipro is paying for the investment with cash and the deal is expected to close at the end of the fourth quarter.