Bureau Veritas Acquires Security Innovation to Strengthen Software Cybersecurity Expertise

PARIS–(BUSINESS WIRE)–Bureau Veritas, a global leader in the Testing, Inspection and Certification (TIC) industry, today announced that it has signed an agreement to acquire Security Innovation, a US-based specialist software security company. The acquisition is in line with Bureau Veritas' LEAP | 28 strategy to accelerate growth and establish new footprints in cybersecurity, a fast-growing strategic sector.

Security Innovation expands Bureau Veritas' client portfolio and provides an opportunity to expand it globally with the establishment of a new cybersecurity hub for customers in the United States. Founded in 2002 and headquartered in Boston with offices in Seattle and Pune (India), Security Innovation offers cutting-edge software security consulting and services with a focus on software testing, secure software development lifecycle (SDLC) advisory and training. The company has a proven track record of successfully addressing software security services for large private and public organizations and is recognized in the US market. The acquisition adds to Bureau Veritas a strong network of 95 highly skilled professionals. Security Innovation generated revenues of €21 million in 2023.

“This acquisition strengthens our position in the fast-growing cybersecurity market and is an important addition to our existing North American focused portfolio. It complements our capabilities and creates synergies that benefit our customers. This is a great opportunity to strengthen our existing cybersecurity testing expertise, develop our AI/Large Language Model (LLM) capabilities, and position Bureau Veritas as a TIC leader in cybersecurity technology innovation. We warmly welcome our new colleagues from Security Innovation to join Bureau Veritas,” said Hinda Gharbi, Chief Executive Officer of Bureau Veritas.

“This strategic move will allow our clients to benefit from Bureau Veritas' extensive expertise in the TIC field, its global presence and its unshakeable reputation as a trusted third party. For the Security Innovation team, this is a unique opportunity to join a network of globally recognized experts and benefit from the professional opportunities and career development at the scale of an international group like Bureau Veritas. We look forward to the next step in our journey together,” commented Ed Adams, CEO of Security Innovation.

The transaction is expected to close in the third quarter of 2024.

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About Bureau Veritas

Bureau Veritas is a global leader in inspection, certification and laboratory testing services, with a strong purpose: building a world of trust by ensuring responsible progress.

Our vision is to be your partner of choice for excellence and sustainability, and we are committed to innovating to help our customers navigate change.

Founded in 1828, Bureau Veritas has 83,000 employees serving 140 countries. The company's technical experts help clients address quality, health and safety, environmental protection and sustainability challenges.

Bureau Veritas is listed on Euronext Paris and belongs to the CAC 40 ESG, CAC Next 20 and SBF 120 indices and is part of the CAC SBT 1.5 index. Compartment A, ISIN code FR 0006174348, stock symbol: BVI.

For more information, visit www.bureauveritas.com and follow us on Twitter (@bureauveritas) and LinkedIn.

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