Security tech start-up Seclore bags three deals from govt

Bengaluru: Security tech startup Seclore Technology, which provides enterprises with digital rights management solution, sees huge business opportunity in the Indian security space. The Sistema Asia Fund-backed startup has recently signed up with three security-based projects with the Indian government in the Ministry of defence and finance, its founder Vishal Gupta.

“For tech startups, selling to the Indian government has always been difficult. But we see that changing with the recent events,” said Gupta.

“We’ve signed three multimillion dollar deals with the Indian government in the last three months and we expect more to come.”

Gupta said government initiatives, including demonetisation and digitisation have pushed the country for enhanced measures in terms of securing digital infrastructure. He said the company foresees huge demand in financial services, manufacturing and engineering industries in the Asian market this year. Gupta who started Seclore in 2010 with Abhijit Tannu said the company has seen an 82 per cent year-on-year growth in revenue coming from Asia in 2016 and is on track to record a growth of 90per cent revenue from Asia in 2017.

Seclore’s enterprise right management product allows enterprises to control access over digital documents and information it shares with third parties.

For instance, in case of a bank that outsources its software building activity to a third-party service provider, and shares critical documents for, say, testing the software, the bank using Seclore’s product can control how the information is used and processed by the third party. This means, the bank through digital rights can restrict the third party from creating a copy of the file, modifying the content of the file or even storing the file beyond a preset limit of days.

Incubated at the Society for Innovation & Entrepreneurship (SINE), IIT Bombay as a project for a secure outsourcing, Seclore now counts several large enterprises including, Deloitte, Tata, Aditya Birla Group and Panasonic among customers. It has over 3,500 customers.

Seclore operates on a software-as-a-service model, where enterprises are billed for software based on its usage on a monthly or annual basis. According to data by software product think-tank iSpirt, Seclore’s annual recurring revenue (ARR) is between $7 million to $10 million. Globally it competes with Korea-based Fasoo and technology giant Microsoft.

Source: The Economic Times