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Aurionpro Solutions surges as arm sells IAM business

The stock surged 15% to Rs 284, also its 52-week high on BSE in intra-day trade.

SI Reporter  |  Mumbai 

Aurionpro Solutions surges 15% as arm sells IAM business

surged 15% to Rs 284, also its 52-week high on BSE in intra-day trade, after Cyberinc, the company's subsidiary, entered into a definitive agreement with KPMG LLP, USA, for sale of its Identity and Access Management (IAM) business. The transaction is expected to close on January 31, 2018.

“Cyberinc’s business is the largest independent provider in the world. The proposed sale will require participation of US, UK, Australia and Aurionpro India,” said in a regulatory.

Cyberinc’s business contributed to about Rs 172 crore in global revenues during the fiscal year 2016-17 and India revenues stood at Rs 22 crore or about 10% of Indian entity for the same period. The aggregate purchase price will be around Rs 217.60 crore, all cash and excludes the product – Entitlement Server, it added.

This divestiture is a major milestone and a testament to the world-class business Aurionpro has built. It is further in line with Aurionpro’s strategy of simplifying and sharpening focus on its core growth areas – digital innovations, banking and cybersecurity, the company said.

is a subsidiary of - a global technology product and solution provider, headquartered in Mumbai, India and San Ramon, California.

At 02:45 PM; the stock was up 7% at Rs 265 on BSE, as compared to 0.36% rise in the S&P BSE Sensex. The trading volumes on the counter more than doubled with a combined 382,958 shares changed hands on the BSE and NSE so far.

First Published: Thu, January 04 2018. 14:48 IST