PNN
Mumbai (Maharashtra) [India], September 25: BOFA increases stake in Vijaya Kedia backed Cybersecurity firm TAC Security. With this recent development the growth and the volume of the organization spawns as the industry overall becomes the immediate solution to cybercrimes.
BOFA Securities has invested in TAC Security, a recent debutant on the NSE SME platform, through its fund - BofA Securities Europe SA.
The company, backed by stock market maven Vijay Kedia, offers risk-based vulnerability management and assessment solutions, cybersecurity quantification and Penetration testing to organisations of any scale, size, and business through the "SaaS model".
TAC Security made a stellar debut on NSE Emerge, listing at Rs 290 as against a price band of Rs 106 last week after the IPO received overwhelming response from the investors.
The overall issue was booked 422 times, of which the QIB portion was subscribed 142 times, the NII portion 769 times and the retail quota 434 times.
The IPO comprised a fresh issue of 28.29 lakh equity shares with a face value of Rs 10 per share.
TAC Security raised Rs 29.99 crore from the IPO and it proposes to use the net proceeds to invest in human resources and product development to support organic growth in India and investment in TAC Security Inc (Delaware, USA) to hire skilled personnel for organic growth outside India.
Anchor investor NAV Capital VCC has also added more shares of TAC Security to its portfolio. Marquee investors, including Astorne Capital VCC, Beacon Stone Capital VCC - Beacon Stone I, Zinnia Global Fund PCC - Cell Dew Cap Fund and LC Radiance Fund VCC subscribed to the anchor book ahead of the IPO. The remaining capital will be used for general corporate purposes.
TAC Security was founded by the millennial entrepreneur Trishneet Arora. With extensive experience in cybersecurity and vulnerability management, the founder has been steering the company's business growth strategy.
On the other hand, Bank of America is one of the world's leading financial institutions, serving individuals, small- and middle-market businesses, large corporations, and governments with a full range of banking, investment management and other financial and risk management products and services.
According to an official of BOFA, "information security is a top priority for Bank of America because the trust of our clients and customers is fundamental to our business. Our approach to information security and data protection is an integral part of every system, process, and business interaction."
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