Brazil Embraer and SPX Capital Merge Cybersecurity Units in Major Deal

Brazilian planemaker Embraer and independent asset manager SPX Capital have agreed to combine their respective cybersecurity businesses, Tempest Security Intelligence and Vision Cybersecurity, in an all-share merger. The cashless transaction consolidates a highly fragmented digital security market in Latin America's largest economy, creating a new heavyweight with approximately R$ 700 million ($125 million) in combined annual revenue.

Under the terms of the agreement, SPX Capital will assume the controlling stake in the newly formed, yet-to-be-named enterprise. Embraer, which acquired Recife-based Tempest in 2020 after initially investing through an innovation fund alongside Brazil's state development bank BNDES, will relinquish direct control but remain a significant minority shareholder and key corporate client. The merger allows the aerospace manufacturer to offload the heavy operational demands of running a standalone cybersecurity firm while retaining strategic exposure to a much larger, better-capitalized regional player.

The combined entity will boast a workforce of 900 security professionals and serve more than 600 corporate clients. The business models of the two merging units are highly complementary: Tempest has historically focused on large-scale enterprises with annual revenues exceeding R$ 1 billion across the financial, retail, and energy sectors, while Vision Cybersecurity—acquired by SPX in January from Espírito Santo-based ISH Tecnologia—primarily targets midsize corporate clients.

André Fleury, the current chief executive of Vision, will lead the new company, while Tempest's CEO João Lins will transition to vice president of technology and innovation. The company plans to leverage Tempest’s deep threat intelligence and Vision’s automated response platforms to offer preemptive cybersecurity services. While operations will remain anchored in their current regional hubs of Recife, Vitória, and São Paulo, the leadership has set its sights on aggressive organic expansion into broader Latin American and North American markets. The transaction is subject to customary regulatory approvals, including clearance from Brazil's antitrust watchdog, Cade.

What it touches: The transaction directly impacts Brazilian aerospace giant Embraer (B3: EMBR3; NYSE: ERJ), which optimizes its capital allocation by shifting its cybersecurity division into a joint venture. The deal also highlights the growing strategic footprint of SPX Capital in Brazil's technology sector, positioning the asset manager as a major consolidation force in the regional IT and digital defense space.