Hexaware acquires CyberSolve for $66 mn to strengthen cybersecurity play

Hexaware Technologies will acquire US-based CyberSolve for $66 million to expand in identity access management and cybersecurity services amid a surge in AI-driven global cyber threats

Hexaware, an IT solutions and services firm, on Friday said it is acquiring CyberSolve, a company specialising in identity access management, for $66 million to strengthen its presence in a fast-growing cybersecurity segment.

 

The US-based firm, founded in 2016, offers consulting and system integration services and has executed more than 500 implementations. Its services cover identity management, identity governance, access management and privileged access control.

 

“They have built deep expertise in identity over the years, and we have no common customers in the Fortune 1,000 space. We can take CyberSolve’s capabilities to our customers, and bring our portfolio of services to theirs,” said Siddharth Dhar, Hexaware’s president and global head of digital IT operations and AI.

 

Hexaware will pay $34.5 million upfront, with the remaining amount linked to milestone-based performance criteria.

 

Cybercrimes, including identity theft, are estimated to have cost the world $9.5 trillion in 2024, according to Gartner. Synthetic identity-based impersonation attacks -- where fraudsters combine real and fabricated personal information -- continue to cause reputational and financial damage.

 

India has emerged as a key source of identity theft, a cybercrime that has surged over the past three years. Criminals, now armed with artificial intelligence and generative AI, are increasingly blurring the line between real and fake digital identities, complicating personal data protection.

 

Employees of Indian companies have also had their official emails or logins compromised by threat actors, who then use the access to target other enterprises. The trend adds to existing cybersecurity challenges such as ransomware, phishing and malware.

 

CyberSolve, which has offices in the US, Canada and India, said its 230 employees will move to Hexaware following the merger. The company reported revenue of $25.8 million last year and $18.5 million in the first nine months of this year.

 

“Our mission has always been to inspire trust in every digital interaction,” said Mohit Vaish, CEO of CyberSolve. “Joining Hexaware allows us to scale that mission -- expanding our reach, applying AI more deeply, and creating measurable security outcomes for enterprises worldwide.”

 

Indian IT services providers have been ramping up their cybersecurity capabilities. Infosys acquired The Missing Link, a cybersecurity firm, in April for $36 million.

 

Separately, Hexaware said its revenue rose 11.1 per cent to ₹34,836 million in the third quarter ended September 30. On a constant-currency basis -- which excludes the impact of currency fluctuations -- revenue was up 5.2 per cent compared to the same period last year.

 

Chief executive R Srikrishna said the company is seeing signs of improving demand, particularly in manufacturing and consumer verticals. “While uncertainties persist, clients have found ways to work around tariffs, given clarity on how other countries are being charged,” he said.

 

Hexaware expects a few major deal closures in the fourth quarter, with financial services, and travel and tourism leading growth next year. Voluntary attrition stood at 11.4 per cent, up 30 basis points sequentially, and the company had 33,590 employees at the end of September.