Aurionpro Solutions gallops as subsidiary sells IAM biz

Aurionpro Solutions surged 10.19% to Rs 273 at 10:16 IST on BSE after Cyberinc, the company's subsidiary, entered into a definitive agreement with KPMG LLP, USA, for sale of its Identity and Access Management business.

The announcement was made after market hours yesterday, 3 January 2018.

Meanwhile, the S&P BSE Sensex was up 42.89 points or 0.13% at 33,836.27. The S&P BSE Small-Cap index was up 110.89 points or 0.57% at 19,456.35, outperforming the Sensex.

High volumes were witnessed on the counter. On the BSE, 1.42 lakh shares were traded on the counter so far as against the average daily volumes of 40,860 shares in the past one quarter. The stock had hit a high of Rs 283.50, in intraday trade, which is also a 52-week high for the stock. The stock had hit a low of Rs 264 so far during the day. The stock had hit a 52-week low of Rs 103.05 on 12 June 2017.

The small-cap company has equity capital of Rs 23.04 crore. Face value per share is Rs 10.

Aurionpro Solutions said that on 3 January 2018, Cyberinc, an Aurionpro 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 31 January 2018.

KPMG LLP has agreed to acquire the Identity and Access Management business of Silicon Valley-based Cyberinc, which provides cyber security solutions globally. Cyberinc, the largest independent identity and access management (IAM) technology provider in the world, will enhance KPMG's existing capabilities as a leader in information security consulting services* and expand the firm's ability to provide clients with emerging and more agile IAM solutions.

The transaction also bolsters KPMG's talent and resources in the rapidly growing area of digital consumer identity and privileged user management, which are evolving security-focused capabilities to enhance important elements of customer-engagement.

Cyberinc's IAM business is a 190-person global team with significant presence in the US, India, Australia, and the UK, and extensive experience providing advisory, strategy, implementation services, and managed services for organizations that need to transform their enterprise or consumer identity capabilities.

Cyberinc is a subsidiary of Aurionpro Solutions- a global technology product and solution provider, headquartered in Mumbai, India and San Ramon, California. The Cyberinc transaction is KPMG's second acquisition in this area, following the October 2014 acquisition of certain assets of Qubera Solutions, a privately-held Redwood City, C.A. - based cyber security firm that provides IAM services.

KPMG LLP, is the audit, tax and advisory firm and the independent US member firm of KPMG International Cooperative (KPMG International).

Aurionpro Solutions' consolidated net profit rose 1.93% to Rs 13.75 crore on 5.13% rise in net sales to Rs 168.65 crore in Q2 September 2017 over Q1 June 2017.

Aurionpro Solutions is a global technology product and solution provider.

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