Bureau Veritas Acquires Software Security Firm Security Innovation Inc.

Paris, France – July 25, 2024 – Bureau Veritas, a global leader in testing, inspection, and certification (TIC) services, announced today it has signed an agreement to acquire Security Innovation Inc., a specialized software security firm based in the United States. This acquisition aims to bolster Bureau Veritas's capabilities in software security and its strategic growth in the cybersecurity sector.

Security Innovation, founded in 2002 and headquartered in Boston with additional offices in Seattle and Pune, India, offers consulting and services focused on software testing and secure software development lifecycle (SDLC) advisory. The company brings nearly 95 skilled specialists and a client portfolio that expands Bureau Veritas's presence in the US cybersecurity market, establishing a new hub for expansion. Security Innovation reported revenue of EUR 21 million in 2023.

The move aligns with Bureau Veritas's LEAP | 28 strategy, designed to accelerate growth in rapidly expanding areas like cybersecurity. The company expects the acquisition to create synergies and enhance its offerings, particularly in areas such as AI and Large Language Models (LLM), positioning Bureau Veritas as a leader in cybersecurity technology innovations within the TIC industry.

"This acquisition reinforces our position in the fast-growing cybersecurity market and is a key addition to our existing portfolio with a focus on North America," stated Hinda Gharbi, CEO of Bureau Veritas. "It complements our capabilities and will generate synergies to the benefit of our customers. This is a fantastic opportunity to ramp up our existing cybersecurity testing expertise and develop our AI/Large Language Model (LLM) capabilities, positioning Bureau Veritas as the TIC leader of cybersecurity technology innovations."

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