NSE tech subsidiary acquires majority stake in Cloudxchange.io

NSEIT Ltd, the IT-services focused subsidiary of NSE, on Wednesday said it has acquired majority stake in integrated cloud service provider Cloudxchange.io.

However, the financial details of the deal were not disclosed.

With this addition of Cloudxchange.io, NSEIT will offer end-to-end digital transformation solutions from cloud to security, NSEIT said in a statement.

Founded in 2016, Cloudxchange.io is a multi-cloud managed service provider for AWS, Azure, Google and Oracle Cloud. It has expanded its offerings to cloud consulting, multi-cloud aggregation, cloud back-up and disaster recovery (DR).

It has over 250 enterprise clients across sectors including Banking, financial services and insurance (BFSI), manufacturing, logistics and the government.

"In the current pandemic situation, India's financial services sector is focused on migrating to virtual operations. This need of the hour has led to an increasing demand for secure, scalable, and cost efficient infrastructure, thus leading to higher levels of cloud adoption and cloud infrastructure spends," Vikram Limaye, MD and CEO, NSE said.

"With the addition of Cloudxchange.io to NSEIT's digital portfolio, the NSEIT team will be poised to serve the growing demands of the financial services sector," he added.

In a joint statement, Co-founders of Cloudxchange.io -- Vishal Chandane, Neelesh Kankane and Nilesh Rane -- said that association with NSEIT will give us the platform and reach to expand further into domestic and international markets.

"The Cloudxchange.io acquisition will give us an edge to provide an integrated solution by offering cloud transition, knowledge driven digital transformation solution along with embedded cyber security," N Muralidharan, CEO and MD, NSEIT, said.

In recent times, the entire industry has witnessed an exponential surge in cloud adoption especially during the pandemic. As per Nasscom's report, 63 per cent of India's enterprises have increased investments in hybrid cloud which is higher than the global average of 46 per cent.

NSEIT is a global technology enterprise, focused on delivering excellence in a complex digital environment primarily in banking, insurance, capital market ecosystem and online examinations.

It has three distinct business units-- digital transformation, digital examinations and cyber security.

In 2019, NSEIT had acquired Aujas Cybersecurity Ltd.