TELUS (TU) Acquires Vumetric to Address Rising Cyber Threats
TELUS Corporation TU acquired Vumetric Cybersecurity, which is a leading cybersecurity provider of advanced penetration testing to detect vulnerabilities in companies across Canada and North America.
TELUS will be integrating Vumetric's specialized digital platform to expand its security services, such as Advisory Services and Cyber Defence. Vumetric's platform is compatible with major cloud platforms and offers a modern and user-focused approach to cybersecurity testing. This service streamlines penetration testing and enables businesses to strengthen their security proactively and efficiently.
Per a report from Fortune Business Insights, the global cyber security market size is projected to grow from $172.32 billion in 2023 to $424.97 billion in 2030, registering a CAGR of 13.8%. The industry is likely to benefit from the increasing adoption of artificial intelligence, blockchain and cloud, added the report.
TELUS Corporation Price and Consensus
TELUS Corporation price-consensus-chart | TELUS Corporation Quote
TELUS is a leading Canadian telecom service provider of wireless, wireline, and Internet communications services for voice and data to businesses and consumers. The company is focused on the execution of its strategies along with amplifying efforts on cost efficiency for margin-accretive customer growth and investments to support its expansion strategy.
TELUS and its global unit, TELUS International, have acquired Playment and Lionbridge AI to expand their capabilities in data annotation and training data for AI algorithms. TELUS has also acquired LifeWorks to strengthen its presence in the digital health services market and Competence Call Center to broaden its portfolio of customer experience, digital transformation, and other services.
In January 2023, TELUS announced that it had completed the acquisition of WillowTree for $1.225 billion. The company has now been rebranded as WillowTree, a TELUS International Company. The acquisition will also allow TELUS to accelerate its digital transformation and support product development, particularly in the health, agriculture and consumer goods sectors.
At present, TELUS carries a Zacks Rank #3 (Hold). The stock has lost 16.4% compared with the sub-industry’s decline of 8.5% in the past year.
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Stocks to Consider
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Pinterest’s earnings beat the Zacks Consensus Estimate in three of the last four quarters, delivering an average earnings surprise of 38.7%. Shares of PINS have gained 13% in the past year.
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Arista Networks’ earnings beat the Zacks Consensus Estimate in each of the last four quarters, delivering an average earnings surprise of 13.3%. Shares of ANET have gained 62.7% in the past year.
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