On 28 August 2024, TAC Infosec, a SaaS cyber-security start-up, announced an inorganic initiative to take a bite out of the US public cyber-security spending by signing a share purchase agreement to acquire the US-based cyber-security firm Cyber Sandia, which holds licences to service the multi-million data and infrastructure security opportunity in the state of New Mexico, with limited players catering to the pie. The first listed cyber-security firm, TAC Infosec has stated in an exchange filing that a share purchase agreement has been signed between TAC Security, Inc, a US-based wholly-owned subsidiary of TAC Infosec, and Sandia IT & Cyber-Security Services, LLC (Cyber Sandia), a New Mexico-based company. Incorporated in May 2023, Cyber Sandia is a preferred vendor for New Mexico, ‘which cuts red tape, provides shorter contract solicitation, cost-effective products and services, for the state of New Mexico and other New Mexico government agencies’, the release added. “This acquisition will allow us to leverage our expertise and provide comprehensive security solutions that meet the growing demands of the public sector,” says Trishneet Arora, CEO & chairman, TAC Infosec, elaborating on the recent acquisition. “The acquisition aligns with our plans to become a trusted cyber-security partner for government agencies across the US and offer its service in other states. Notably, the US is the most cyber-security market in the world, and 70 per cent of TAC Security’s total revenue comes from the country.” The development also aligns with the state’s recent move to increase its cyber-security budget, allocating $45 million to protect state assets and infrastructure against evolving cyber threats. TAC Infosec has a long-standing relationship with New Mexico, having previously worked with the offices of its state auditor and the attorney general. The company even has a dedicated set-up in the US to meet the growing demand in the market. Young and ambitious TAC Security’s journey, which started in a small way in India in 2013, has been nothing short of meteoric. The company has grown from a small start-up to a global powerhouse, with its headquarters in Silicon Valley, serving over 1,000 clients across 55 countries. Their recent IPO amassed subscription bids of about $1 billion, elevating investor confidence in the growing cybersecurity landscape. At the heart of TAC Security’s offerings is the ESOF (enterprise security in one framework), a cutting-edge vulnerability management platform (VMP) that integrates various cyber-security tools. This flagship solution stands out for its ability to quantify and mitigate cyber risks, translating complex measures. The company has secured major Indian clients across various sectors, including Reliance Industries, Tata Group, and HDFC Bank. These partnerships underscore the company’s ability to cater to large-scale enterprises and critical infrastructure, reflecting India’s growing emphasis on cybersecurity. TAC Security is also the first Indian cyber-security company to be involved with policy-making and strategising cyber-security policies for a US-based law enforcement agency. The company also offers services to the National Payments Corporation of India (NPCI) to assess vulnerabilities in all UPI-based applications and various banking institutions. It prides itself on partnering prominent stock exchanges in India – such as Bombay Stock Exchange, for cyber-security and vulnerability management needs. The Indian cyber-security market, projected to grow from $2 billion in 2021 to $3.5 billion by 2025, has seen a surge in demand, with sectors such as banking, financial services and insurance (BFSI) leading the charge. The company is headquartered in Mohali, Punjab, has offices in Pune, Bengaluru and Mumbai, along with overseas presence in San Francisco and Albuquerque in the US.
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Creating value: TAC now trades at Rs825 at NSE Emerge as against the issue price of Rs106
