CyberScope has confidentially filed a Form F-1 registration statement with the US Securities and Exchange Commission (SEC)
TAC Infosec had acquired CyberScope earlier this year to expand its global footprint in the Web3 security space and add $1.2 Mn to its revenue base
Last year, founder and CEO Trishneet Arora told Inc42 that TAC’s ultimate goal is to list on the Nasdaq one day
Reflecting its ambition to tap global investors and seek higher valuations, NSE SME-listed TAC Infosec’s US subsidiary, CyberScope Web3 Security Inc, has kicked off the regulatory process for a potential listing on the Nasdaq Capital Market. The move follows CyberScope’s board approval for IPO in August earlier this year.
CyberScope has confidentially filed a Form F-1 registration statement with the US Securities and Exchange Commission (SEC). For context, the Form F-1 is the US SEC registration statement used by foreign companies to register securities for their IPO in the US market.
“While the proposed offering’s timing and terms remain subject to market conditions and SEC review, the filing reflects the subsidiary’s progression through the standard regulatory steps required for foreign private issuers seeking a potential US listing,” TAC Infosec said in a statement.
Important to note that TAC Infosec acquired a 60% stake in the Web3 security firm for $1.4 Mn in February 2025 to expand its global footprint in the Web3 security space. The SME company saw a $1.2 Mn contribution in its top line from the subsidiary’s business back then. The acquisition reportedly expanded TAC’s client base to over 6,000, as the company targets 10,000 clients by next year
Founded in 2023, CyberScope is a Greece-based tech company that provides comprehensive Web3 security by focusing on smart contract audits, penetration testing, KYC/AML checks, and real-time monitoring to protect DeFi, NFT, and blockchain projects. The company claims to have completed over 2,700 smart contract audits and over 500 KYC verifications for over 3,000 clients.
The listing bid of the subsidiary is in-line with TAC Infosec’s ambition to become a Nasdaq-listed entity one day. Speaking with Inc42 last year, founder and CEO Trishneet Arora said that TAC’s ultimate goal is to list on the Nasdaq one day.
Beyond the CyberScope acquisition, TAC has also made other strategic acquisitions to broaden its presence in the US and the UAE. In 2024, it acquired US-based cybersecurity firm CyberSandia for $25,000 to strengthen its presence in the region and expand its global footprint.
In addition, it acquired WOS — a wholly owned subsidiary of TAC Cyber Security Consultancy LLC in the UAE to cater to the growing demand for cybersecurity services in the GCC region.
Founded in 2016 by Arora, TAC Infosec offers risk-based vulnerability management, assessment solutions and other cybersecurity solutions to enterprises and small businesses. It claims to be serving more than 3,000 clients across 100 countries including Google, DBS, Nissan Motors, Salesforce, Zepto, FUJIFILM, CASIO, Juspay, among others.
The company is targeting a client base of 10,000 by 2026 with an eye to become the world’s largest vulnerability management company by client volume. In this, capturing a greater share of the global market would be key.
On the financial front, the company reported a sharp uptick in performance. Net profit jumped 138% year-on-year and 88% quarter-on-quarter to INR 15.6 Cr in the first half of FY26, while operating revenue rose 137% YoY and 63% QoQ to INR 29.5 Cr. Nearly 70–75% of TAC Infosec’s revenue comes from the US with the remaining 25% contributed by its India operations.
If the listing goes through, TAC Infosec would become the only Indian technology company to enter US capital markets through international subsidiaries. Moreover, this will come at a time when the global Web3 security market is projected to cross $20 Bn, driven by decentralised finance, tokenised assets and digital infrastructure.
Shares of TAC Infosec closed today’s trading session up 6.9% at INR 771 on the NSE.
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