Dev Information Technology soars 8% on launching new cybersecurity services

Shares of Dev Information Technology surged up to  7.76 per cent at Rs 163.80 a piece on the BSE in Monday’s intraday trade. This came after the company launched new services under the cybersecurity segment. 

 

The newly enhanced cybersecurity services include cybersecurity consulting, threat and vulnerability management (VAPT), managed security operations centre (SOC), business continuity and disaster recovery (BCDR) and cloud security services.

 

“With the global cybersecurity market projected to reach $271.90 billion by 2029, businesses face mounting challenges in securing their digital assets, driven by rising cyber threats, digital transformation, and stricter regulatory requirements. These enhanced cybersecurity services address these challenges by offering proactive defence strategies, real-time monitoring, and comprehensive solutions to help businesses stay ahead of evolving threats and ensure compliance,” the company said in a statement. 

 

Moreover, strategic partnerships with Microsoft and AWS provide credibility and access to cutting-edge technologies, ensuring the delivery of world-class solutions, the company said. 

 

DEV Information Technology, established in 1997 and listed on NSE and BSE, initially focused on business automation software solutions, with the company expanding to offer a range of IT services globally. 

 

Headquartered in Ahmedabad, with offices in India and Canada, DEV IT specializes in providing Cloud Services, Digital Transformation, Enterprise Applications, Managed IT Services, and Application Development. Its product portfolio includes Talligence, an analytics platform, and ByteSigner, a digital signing solution.

 

Meanwhile, on the equities side, DEV Information Technology stock has outperformed the market, as in the last six months it has surged 35 per cent, while falling 21 per cent in the last one year. In comparison BSE Sensex has risen 2 per cent in the last six months and 10 per cent in a year. 

 

The company has a total market capitalisation of Rs 357.28 crore. Its shares are trading at a price to earnings multiple of 19.06 times and at an earning per share of Rs 7.98. 

 

At 12:34 PM; the shares of the company were up 4.61 per cent at Rs 159 a piece. By comparison, the BSE Sensex was trading 0.52 per cent higher at 78,450.66 level.