Hexaware Technologies has announced the acquisition of CyberSolve, a company specialising in identity access management, for $66 million. The deal aims to strengthen Hexaware’s position in the fast-growing cybersecurity market.
Founded in 2016 and based in the United States, CyberSolve provides consulting and system integration services focused on identity management, identity governance, access management, and privileged access control. The company has completed more than 500 implementations across various industries.
Under the terms of the deal, Hexaware will pay $34.5 million upfront, while the remaining amount will be tied to milestone-based performance criteria.
“They have built deep expertise in identity over the years, and we have no common customers in the Fortune 1,000 space. We can take CyberSolve’s capabilities to our customers, and bring our portfolio of services to theirs,” said Siddharth Dhar, Hexaware’s president and global head of digital IT operations and AI.
CyberSolve employs 230 people across the United States, Canada, and India. Following the merger, all employees will transition to Hexaware. The company recorded revenue of $25.8 million last year and $18.5 million in the first nine months of this year.
CyberSolve CEO Mohit Vaish said, “Our mission has always been to inspire trust in every digital interaction. Joining Hexaware allows us to scale that mission — expanding our reach, applying AI more deeply, and creating measurable security outcomes for enterprises worldwide.”
The acquisition comes as cybercrimes continue to rise globally. According to Gartner, identity theft and related crimes caused an estimated loss of $9.5 trillion in 2024. Synthetic identity fraud, where criminals combine real and fake personal information, has become one of the most damaging threats.
India has also seen a surge in cybercrime cases involving stolen credentials and AI-driven impersonation attacks. Many employees of Indian firms have had their official emails or logins compromised, giving hackers access to other organisations. These challenges are adding to existing risks such as ransomware, phishing, and malware attacks.
Hexaware joins several Indian IT firms expanding into cybersecurity. Earlier this year, another major IT company acquired The Missing Link, a cybersecurity firm, for $36 million.
In its third-quarter results ending September 30, Hexaware reported an 11.1 per cent rise in revenue to ₹34,836 million. On a constant-currency basis, revenue was up 5.2 per cent compared to the same period last year.
CEO R Srikrishna said the company is seeing growing demand in manufacturing and consumer sectors, with several large deals expected to close in the fourth quarter. He noted that clients are adapting to global trade conditions and finding clarity around tariffs. Hexaware’s voluntary attrition stood at 11.4 per cent, and the company had 33,590 employees at the end of September.
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