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Aurionpro jumps over 4 per cent on sale of cybersecurity business to Forcepoint

Anthony Fernandes
/ Categories: Mindshare, DSIJ News
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Aurionpro jumps over 4 per cent on sale of cybersecurity business to Forcepoint

The shares of Aurionpro Solutions Ltd were trading in green and closed higher by 4 per cent on Friday after the company announced its exit from the cybersecurity business with the sale of its investment to Forcepoint (USA) in a deal valued at US$ 9.6 million (approx. Rs 71 crore).  

The company stated in its filing to the exchanges that although it had a great team & product, there was a long road ahead in scaling up the business in the wake of COVID-19-related disruptions and political instability in the region where Aurionpro had signed a key deal. The COVID-19 restrictions, particularly in the South Asian region were causing inordinate delays in some large deals.   

Commenting on the development, Paresh Zaveri, CMD at Aurionpro stated that the company would draw more positives out of this as the cash proceeds from this deal will help accelerate its plan to be effectively debt-free by sometime after Q2 this year. Additionally, he went on to state that the deal will also help financially as the strong & lean balance sheet is expected to significantly improve key performance indicators in the coming quarters.  

On Friday, the shares of Aurionpro Solutions Limited closed at Rs 166.15, up by 4.37 per cent or Rs 6.95 per share, against a 0.52 per cent gain in the benchmark index. The 52-week high of the company is recorded at Rs 195 while its 52-week low is Rs 37.60 on BSE.     

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