Nexus AB sets up Development Centre in Pune, India
Swedish identity and security company Nexus Group has set up its new development centre in Pune, India.
Nexus is growing its footprint in Asia: last year the company recorded a 50 per cent revenue growth in the region — a trend which it expects to continue. “We are therefore investing more in the region by hiring more people and opening a new office in India,” said Lars Pettersson, CEO of Nexus.
Nexus has 300 employees across 17 offices in Europe, India and the US, as well as a global partner network. The company is the 96th Swedish company in the state of Maharashtra in India. It was founded in 1984 and is headquartered in Hägersten, Sweden. The company had received a EUR 29 million loan form the European Investment Bank (EIB) in Q4 2017 to accelerate its product development and expansion.
Nexus currently has its biggest markets in the Nordic and DACH (Germany, Austria, and Switzerland) regions. “The demand for our Smart ID platform is increasing in these markets, but the growth rate of the emerging economies in Asia are far ahead of the developed world, and this is reflected in the demand for identity solutions,” said Pettersson.
“More than 50% of our workforce, both globally and in Asia, is directly involved in research and development. We hire top talents, and our current engineers have backgrounds in software and product development companies such as Symantec, Microsoft, SAS, and ISRO,” said Tejas Lagad, director for Asia at Nexus. “Our new office is quite spacious, since we are looking for new engineers to add to our team.”
In 2017 India accounted for 3 per cent of the company’s revenue and 7 per cent of its total headcount. Close to 30 percent of its sales in the country were through its partner network.
The company’s flagship Smart ID solution provides standardized modules that enable organizations to issue and manage physical and digital IDs, manage physical and digital access, enable electronic signatures, and issue and manage public key infrastructure (PKI) certificates. The Smart ID solution is most commonly used for corporate IDs, citizen IDs, and IoT (internet of things) security. Early last year the company launched its SaaS self service platform — Nexus Go.
The company received a significant order for its online electronic signature solution from a Fortune 500 Indian conglomerate in Q2 2017, which enables users to electronically sign documents and forms using the national ID. Some of its customers in India include Bank of India, Yes Bank, ICICI Bank, Bharat Petroleum and 3i Infotech.
“Our solutions are enabling multifactor authentication for Asian retail banks, cloud security for Asian enterprises, and digital signatures for a billion Indian citizens, among other things. Our impressive customer base in the region demonstrates that we are trustworthy which will help us as we accelerate our expansion in Asia,” said Tejas Lagad.
Nexus AG recorded a revenue of SEK 370 million in 2017, 6 per cent lower than its SEK 393 million revenue in 2016. Its operating profit for 2017 was negative SEK -64.1 million.
Michael Olsson, chairman of the Nexus board, and Ulrika Sundberg, ambassador at the Consulate General of Sweden in India, were present at the opening ceremony for the company’s new office in Pune.
Currently, the identity and access management market consists of vendors such as IBM, Oracle, CA Technologies, Microsoft, Dell EMC, NetIQ, Okta, Hitachi ID Systems, SailPoint Technologies, Gemalto SafeNet, PrimeKey, Interceed, IDnomic, HID Global, Ping Identity, Green Hill Software, Vasco, Signicat and SCRIVE.
The cyber security market has grown from USD 3.5 billion in 2004 to an estimated USD 120 billion in 2017. The global market for physical identity access management is estimated to be worth USD 500 m by 2021. The physical access control market will be worth USD 10.03 bm by 2023. A study performed by marketsandmarkets, published in February 2017, states that the identity and access management market is estimated to be worth USD 20.87 bn by 2022, with a CAGR of 14.8%. According to Gartner the “Identity governance and administration” market alone is worth 1.4 billion USD on an annual basis and has an expected annual growth rate of 10–20% until 2020.