US-based Cigital buys IDG-backed SaaS security testing firm iViZ
US-based software security services and products company Cigital Inc. has acquired Bangalore-based iViZ Techno Solutions Pvt Ltd, a cloud-based web and mobile app security testing provider, for an undisclosed sum.
Cigital plans to leverage iViZ's proprietary cloud platform and its technologies to offer 3D unlimited application security testing. Organisations can now test across their application portfolio rather than focus on only those applications perceived to be high risk, eliminating potential exposure.
"The acquisition enables Cigital to deliver the most flexible and scalable dynamic application software testing-as-a-service in the market," said John Wyatt, CEO of Cigital.
"This capability is fully realised through the introduction of Cigital's 3D unlimited application security testing, which profoundly alters the way organisations reduce risk at the application layer. The dynamic nature of the offering gives organisations real agility to respond to new threats, regulatory requirements and constantly changing business pressures," Wyatt added.
Founded in 2006 by IITians Bikash Barai (CEO) and Nilanjan De (CTO), iViZ provides cloud-based application security testing that enables organisations to effectively reduce risk across their application portfolio. According to iViZ, organisations can gain flexibility and visibility into software security through its user portal that provides on-demand scheduling of tests with an analytics dashboard to view test results and gauge each organisation's security posture.
iViZ claims that it has around 500 customers worldwide with 70 per cent revenue coming from the US and Europe. The firm further claims it recorded a revenue growth of 57 per cent last year and had achieved cashflow breakeven in late 2012. iViZ is now aiming to grow 300 per cent post the acquisition. The firm has 60 employees.
"Automated tools lack in quality and manual penetration testing is not just costly, but also impossible to scale since there aren't enough humans on earth to test the billions of online and offline applications," said Barai.
"At iViZ, our vision is to help organisations stay one step ahead of hackers by making penetration testing scalable and affordable through product innovations. We are very excited that the complementary technologies and market reach of Cigital shall help us to realise our dream," he added.
iViZ had secured $2.5 million in funding from IDG Ventures in 2007. "I am pleased to have iViZ find an excellent home in Cigital for its patented technology, globally accepted by international and Indian customers and a great team led by Bikash and Nilanjan," said Sudhir Sethi, founder & chairman of IDG Ventures India.
Cigital is a software security services and products company that helps organisations launch and mature software security initiatives, as well as design, build and test secure software through a combination of expert consultants and security testing-as-a-service offerings. Cigital is headquartered in Washington DC with regional offices throughout North America, Europe and Asia.
Technology Holdings Worldwide advised iViZ on the transaction.