PRESS RELEASE

Paris – July 25, 2024

Bureau Veritas acquires Security Innovation Inc. to reinforce its Cybersecurity expertise in the software domain

Bureau Veritas, a global leader in the Testing, Inspection and Certification (TIC) industry, announces today it has signed an agreement to acquire Security Innovation Inc., a US-based specialized software security firm. This acquisition is aligned with Bureau Veritas LEAP | 28 strategy to accelerate growth in cybersecurity, a fast-growing strategic sector, and to create a new stronghold.

Security Innovation will expand Bureau Veritas's client portfolio and will establish a new cybersecurity hub for its clients in the US with the opportunity to scale it globally. Founded in 2002 and headquartered in Boston with offices in Seattle and Pune (India), Security Innovation Inc. provides state-of-the-art software security consulting and services focused on software testing, Secure Software Development Lifecycle (SDLC) advisory, and training. The company has a proven track record of successfully addressing large private and public organizations’ software security services and is a recognized player in the US market. This acquisition will add a strong network of 95 highly skilled specialists to Bureau Veritas. Security Innovation generated EUR 21 million in revenue in 2023.

“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. 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. I warmly welcome all new colleagues from Security Innovation to Bureau Veritas.” said Hinda Gharbi, Chief Executive Officer at Bureau Veritas.

“This strategic move will enable our customers to benefit from Bureau Veritas’ extensive expertise in the TIC sector, global presence, and its undisputable reputation as a trusted third party. For Security Innovation teams, this is a unique opportunity to join a globally recognized network of experts and to benefit from professional opportunities and career development on the scale of an international Group such as Bureau Veritas. We look forward to the next steps in our journey together” comments Ed Adams, CEO of Security Innovation Inc.

The closing of this transaction is expected to take place in Q3 2024.