Enam Holdings acquires 15% stake in tech firm Vehere Interactive
Vehere Interactive says the deal with Enam Holdings will result in the company going public in 3-4 years
Kolkata: Enam Holdings Pvt Ltd. has, for an undisclosed sum, acquired a 15% stake in Vehere Interactive Pvt. Ltd, a privately-held technology company which develops solutions for security agencies.
Founded in 2006, Vehere, which describes itself as a leader in the field of communications and boosting “security resilience against external threats”, announced on Monday that the deal with Enam will result in the company going public in 3-4 years.
This is the first time that the company has accepted external funding, said the founders, brothers Naveen and Praveen Jaiswal. Though they declined to divulge at what price the stake was sold, they said the valuation was high.
After it receives the funding, Vehere will offer stock options to key employees. It’s crucial to retain talent, said Naveen Jaiswal, who heads research and development at the firm.
The company, which is profitable, had cash in its reserves to expand, said Praveen Jaiswal, who looks after business development.
Vehere creates solutions under two verticals: communication intelligence and cyber security, with the former generating about 75% of the enterprise’s annual revenue. Its clients in the communication intelligence space are mostly government-run security agencies in India and abroad.
The company is looking to shore up revenue from the cyber security space by offering more solutions for banking and financial enterprises. It is looking to enter the lucrative US market, where it is setting up an office in Washington DC. Vehere expects to launch its US operations by the end of 2018, according to Naveen Jaiswal.
The company counts among its clients governments in India, West Asia and South East Asia, the brothers said, but declined to give details, citing confidentiality agreements. In the global market, Vehere competes with firms from the UK, US and Israel, they added.
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