Info-tech

CIO Angel Network exits ​InstaSafe

Venkatesan R | | Updated on: Jan 24, 2017

​CIO Angel Network (CAN) ​has e​xit​ed​ from Bangalore-based InstaSafe, for an undisclosed amount within 18 months of its investment​. ABM Knowledgeware has made an undisclosed investment in the company after buying secondary stake ​from CAN, the latter said in a statement today.

Founded in 2012, by Sandip Kumar Panda, Biju George & Prashanth Guruswamy. InstaSafe ( www.instasafe.com ) is a leading provider of Cloud based Security solutions, provides cloud-delivered next generation secure access and web security solutions to its clients. With its unique Security-as-a-Service offering, InstaSafe obviates need for expensive hardware appliances for secure access, thereby simplifying the access for remote and mobile workers to corporate data and applications residing in public, private or hybrid clouds. Unlike appliance-based solutions, InstaSafe offers a hardware free, zero configuration, self-service style, fully redundant Security-as-Service which could be deployed in minutes as well as provide comprehensive reporting.

NASSCOM, Data Security Council of India (DSCI), expects digital and cyber security services, solutions and product market to grow in next 10 years from the current market size of US $4 billion to US $35 billion by 2025. In line with the scorching growth expected for the cyber security industry, various government bodies like DRDO, RIB and CRPF have been very active in accessing such products and services from technology startups as India increases its focus on Digital India to use technology in government and offer government-to-citizen services.

The strategic stake of ABM in Instasafe will add a bouquet of technology products of Instasafe to an already strong array of services in the offering portfolio of ABM. This transaction will see the CIO Angel Network completely exit their investment in Instasafe. InstaSafe will use primary funds to improve its product offering technology and expand into international markets while enhancing its marketing and sales teams. The transaction is subject to customary conditions precedent and both the parties expect to conclude it by March-2017.

Sanjay Mehta, a serial entrepreneur and an investor in Instasafe said “In the current environment of selective funding, especially in B2B space, InstaSafe stands out as one of the few startups successfully raising funds and providing exit to its early-stage angel investors. It is a testament to their leadership team who has built successful SaaS product offerings adopted by leading corporates and is on strong growth-path. This strategic partnership will definitely yield great results.”

Bharat Banka, founder of FideliMent Ventures and sole Transaction Adviser to ABM and Instasafe said “It is a privilege for me to bring together this unique strategic partnership where two excellent teams with strong leadership and innovation capabilities will join forces to offer blended IT product and services in high-growth verticals of e-governance and cyber-security, both mission-critical for next phase of India’s growth.”

Published on January 12, 2018

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