Telefónica Tech, the entity of phone which brings together the cloud, security and IoT/BigData digital businesses, continues its growth strategy with the aim of strengthening its leadership position in cybersecurity in the countries where telecoms operates as well as in new markets. With that finality eleven waysa cybersecurity company of Telefónica Tech, announces the acquisition of Govertis. This closes the circle of an already distant collaboration.

Govertis is the largest Spanish cybersecurity consultancy specializing exclusively in GRC (Governance, Risk and Compliance) and IRM (Electronic Management of Digital Assets), offering a comprehensive solution that combines the legal and technological perspectives of cybersecurity. Founded in 2010 and based in Valencia, it has professionals spread across its network of offices across Spain. It has also carried out international projects, particularly in Latin America.

“Govertis conducts its operations in accordance with practices commonly known by the acronym GRC, which relate the strategic leadership of an organization and its processes, the management of its business risks, and ensuring compliance with legal, regulatory, contractual and political requirements, all of which are factors affecting condition their activity.

An approach based on GRC allows companies to align corporate governance, risk and regulatory compliance with their strategy and, if we transfer it to IT, allows information and automation systems to align with business objectives, thereby increasing the return on investment is maximized.

In a time of digital transformation, accelerated by the demands of teleworking and the adaptation of production processes that the pandemic has brought, this comprehensive approach is absolutely crucial,” they explain. Edward Chaveli Y Oscar Bou, Founder and CEO or COO of Govertis.

A win-win relationship

Govertis’ collaboration with ElevenPaths began in 2012. The relationship was strengthened in 2015 with the acquisition of GesConsultor GRC by Telefónica (currently SandaS GRC), the Govertis platform for management and regulatory compliance and the signing of a strategic alliance to enhance and further develop the platform, which came about in 2018 with the participation of Wayra, the hub Telefónica’s global open innovation initiative.

“This is the natural next step in a long-standing strategic relationship that will see us contribute to the growth of GRC services and IRM at this pivotal moment of digital transformation, where businesses and the public sector need to be more resilient to position Telefónica Tech as one of the most relevant players in the field of cybersecurity worldwide,” they emphasize chaveli Y boo.

For his part Michael Aries, Global Director of Entrepreneurship at Telefónica, states: “This operation is a great example of how Wayra, as Telefónica’s interlocutor in the entrepreneurial ecosystem, enables startups to do business together, a deal with so much potential that, as in the case of Govertis, you can ultimately fully integrate into the company.”

It is expressed in similar terms Pedro Pablo Perez, CEO of ElevenPaths. “One of our goals is to constantly identify opportunities to collaborate and invest in leading cybersecurity startups. By relying on Wayra, we can be close to entrepreneurial talent, strengthen our ability to innovate, and broaden our offering to customers.”

The acquisition of Govertis gives Eleven Paths and the new Telefónica Tech a global leadership in highly specialized services towards strategy and management of cybersecurity, data protection, cyber resilience and business continuity. Likewise, with the sum of the capabilities of Govertis and Telefónica Tech, the customer obtains a comprehensive solution (end-to-end) with greater guarantees of excellence in cyber security, cyber resilience and data protection on the way to the digital transformation of its own processes and processes.

And now this?

The purchase of Govertis complements Telefónica Tech’s numerous investments in security matters, both in the development of its own solutions, the technological deployment in its global network of SOCs as well as in acquisitions and investments in start-ups. But the integration of a startup into the structure of a large company is never easy. Using his entrepreneurial experience, Miguel Arias issues a series of recommendations to avoid getting lost in the confusion of an institutional model. In his opinion, this is what every startup that finds itself in the current Govertis situation should do:

Suppose the integration starts on day 1even if you think you’ll be independent for a few years.

Focus on the goals you’ve achieved the purchase, and set clear metrics that define success in 12 and 24 months.

make sure that You have close help Involving you in the processes and reporting of the group and not being overwhelmed by this burden.

Make your goals clear Your internal champion and the unit you integrate into to align with them.

Take care of your most important employees, Make sure they are motivated and motivated.

-And above all communicate, communicate, communicate, the mission, the goals, what happens. Both with your original team and with your new colleagues and bosses, with customers, with partners. The worst thing that can happen to you is that the energy and momentum you had before you bought it is lost in misunderstandings and communication problems.

“As the combined company grows, all the integration challenges will become easier!” he concludes.

Wayra continues to support entrepreneurship

The purchase of Govertis comes on top of the 15 investments Telefónica made in the first half of the year, proving that the pandemic has neither slowed activity nor slashed the budget for the telecom company’s commitment to entrepreneurship. What has partially changed is the order of priorities. “We believe that the arrival of artificial intelligence on a large installed base of connected things (IoT) together with the connectivity possibilities of 5G create a perfect storm of disruption accelerated by the massive digitization that has caused the Covid,” Arias points this out.

However, despite complex economic prospects, at Wayra they understand that “entrepreneurs are ready to adapt to this new situation and find solutions to our needs in areas such as cybersecurity, digital education, remote work, e-health, etc. We are looking for startups that can help us define this changing future and do business with Telefónica. The current situation has changed parts of our vision of that future, but it does not change our commitment to open innovation, to look for trends, integrate technologies and offer better services to our customers,” concludes Miguel Arias.