Shares of technology major Wipro rose over three percent on Tuesday after the company said it will acquire Texas-headquartered Edgile, a transformational cybersecurity consulting provider, for $230 million.

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The transaction is expected to be completed before March 31, 2022, subject to regulatory approvals and customary closing conditions, Wipro said in an exchange filing.

"Edgile’s experienced cybersecurity and risk management professionals will allow Wipro to further enhance its cybersecurity and risk consulting capabilities for the benefit of its customers. In addition, the company’s “strategy-first” approach and “QuickStart” solutions will allow the combined entity to deliver enhanced value in strategic cybersecurity services," the company added in the filing.

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Together, Wipro and Edgile will develop Wipro CyberTransform, an integrated suite that will help enterprises enhance boardroom governance of cybersecurity risk and invest in robust cyber strategies. Wipro CyberTransform will enable organisations to accelerate their digital transformation and operate in virtual and digital supply chains, the technology major said.

Earlier this year, Wipro strengthened its cybersecurity business by acquiring Ampion, a leading provider of cybersecurity services in Australia, and the cybersecurity practice at Capco which is a leading consultancy in the BFSI sector in Europe and the US. Additionally, through its Wipro Ventures arm, the company continues to invest in innovative cybersecurity start-ups.

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At 10:03 am, shares of Wipro were 2.8 percent higher at Rs 685 on BSE. The stock is trading higher than 5, 20, 50, 100 and 200-day moving averages which hinted at the bullish momentum in shares of the technology company.

In the past month, the stock is up 5 percent while Year-to-Date (YTD), it gained about 78 percent. This is in comparison to Nifty50's 5 percent fall in the past one month and 20 percent surge YTD.

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