Accel Limited to invest in Cyber Security Company, BizCarta

Accel Limited, BSE listed Chennai headquartered, IT services company has announced that the company is acquiring a substantial minority stake in BizCarta Technologies India Private Limited, a leading cyber security consulting and services company based in Bangalore, India with operations and customers in USA, Singapore, Australia. The board meeting held today approved the transaction and authorized the managing director to sign necessary agreements and conclude the deal within 30 days. This initiative is in line with the company's objective of expanding its IT security services portfolio. The company will be setting up a Security Operations Centre in Chennai to offer managed security services.

The move to acquire BizCarta was initiated in April 2020 but delayed due to Covid related uncertainties. Now the deal has been-finalized in such a way that Accel ITS will have full-fledged managed security practice starting from April 2022 in addition to the current service portfolio of IT Infrastructure management and System Integration Services.

Commentating on this strategic investment, Mr. N. R. Panicker, Managing Director and CEO of Accel Limited said, "the proposed investment in BizCarta technologies fits in to our vision for Accel 2.0- to become a full-fledged provider of digital transformation services."

BizCarta's security portfolio and product frame work will help us to create our own niche in IT security space in India, said S. V. Rao, President and CEO of Accel IT Services.

Commenting on the development, Mr. Pradeep Kumar, founder and Managing Director of BizCarta said, "Todays cyber threats are more complex and multi-dimensional and constantly evolving. Becoming part of Accel group, we will be able to take our solutions to market more effectively and pro-actively, to build cyber resilience against dynamically changing scenario of cyber threats".

Mr. Ramakrishna Roy, Executive Director and CTO of BizCarta said "we are excited to work with Team Accel and build tailor made solutions for an integrated cyber security system suiting individual enterprises".

Shares of Accel Ltd was last trading in BSE at Rs. 29.10 as compared to the previous close of Rs. 28.45. The total number of shares traded during the day was 377163 in over 1003 trades.

The stock hit an intraday high of Rs. 29.70 and intraday low of 27.05. The net turnover during the day was Rs. 10359106.00.

Source : Equity Bulls

Keywords

Accel INE258C01038 BizCartaTechnologiesIndia CyberSecurity