The two have collaborated since 2012 and have had a strategic alliance since 2018 when Wayra, Telefónica's global open innovation hub, invested in the firm.
Telefónica Tech said this acquisition positiions its cybersecurity unit, ElevenPaths, as a leader in specialised consulting on cybersecurity and information security, privacy, risk, regulatory compliance, business continuity and cyber-resilience.
It adds these complement existing capabilities to round out its integration and management of security services.
Telefónica Tech said it will pursue its growth strategy organically and inorganically to “reinforce” its leadership in cybersecurity in all the countries in which Telefónica operates, and new markets.
To do this, it will build a team of more than 2,500 security professionals around the world: last year security services revenues reached €497 million with a year-on-year growth of 26.5%.
“One of our objectives is to permanently identify opportunities for collaboration and investment in cutting-edge cybersecurity startups. Relying on Wayra allows us to be close to entrepreneurial talent, reinforce our innovation capacities and expand our offer to clients,” said Pedro Pablo Pérez, CEO of ElevenPaths.
"This operation is a great example of how Wayra, as Telefónica's interlocutor with the entrepreneurial ecosystem, allows startups to do a joint business, a business with so much potential that, as in the case of Govertis, it can end up being fully integrated into the company”, says Miguel Arias, Global Director