BNDES gets 15.5% of Cipher

- Wednesday, April 20, 2011

BNDES gets 15.5% of Cipher

Brazilian national development bank BNDES has purchased 15.5% of local IT security firm Cipher for US$15mn, according to press reports.

Cipher is to use the proceeds toward global expansion, according to press. The company already has domestic offices in São Paulo, Rio de Janeiro, Brasília and Porto Alegre, and international offices in London and Miami.

With BNDES's entry into the capital structure, Cipher will look to expand national operations 40% and international business 300% in the midterm. Last year, the company grew 40%, newspapers reported without providing a hard figure.

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Product redesign, domestic market consolidation and an increase in the number of employees are also in the company's plans.

Some of Cipher's clients include Petrobras, Gol Linhas Aéreas, Banco Central, Banco Itaú, Cielo, Oi, Brasil Telecom and TIM.