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