Global software major Wipro on Thursday announced acquiring a minority stake in the US-based application security firm Denim to jointly offer its services.
"The partnership will bring our digital transformation and cybersecurity capabilities with Denim's application security consulting, assessments and implementation services," said the city-based IT major in a statement here.
The company, however, did not specify how much of the equity stake and at what price, including premium, if any, it paid per share of unspecified face value. The investment is expected to be closed by the end of March.
Wipro will also offer customers value in mitigating cybersecurity risks with Denim's flagship product ThreadFix, the premier application vulnerability correlation and resolution platform.
“Wipro’s investment in Denim Group will strengthen its portfolio of digital transformation services and help it tap into services for embedding security in software development methodologies such as Agile and DevOps,” VCCircle quotes Sheetal Mehta, global head of Cybersecurity and Risk Services at Wipro as saying.
ThreadFix software product has been designed to give security practitioners the ability to understand the security posture of their applications and conduct remediation.
ThreadFix platform accelerates the process of application vulnerability remediation, reflecting the company's rich understanding of what it takes to fix application vulnerabilities faster.
"Our investment in Denim reflects our commitment to assist customers in simplifying digital risk management by enabling them to roll out secure software faster," Sheetal Mehta said.
Denim Principal John Dickson said collaborating with Wipro would increase its reach and help fulfil their mission to build a world where technology was trusted.
Denim Group was founded in 2001 and is an application security firm, which helps organisations assess and mitigate application security risks. The firm has a presence in San Antonio and Austin and employs around 60 people. The company’s revenues stood at $11.3 million in 2017, reports VCCircle.