Acquisition to make Tesserent Australia's largest cybersecurity company

Acquisition to make Tesserent Australia's largest cybersecurity company

Listed cybersecurity firm Tesserent (ASX: TNT) is poised to acquire the security division of ICT consultants PS&C for $16 million.

The acquisition will make Tesserent Australia's largest listed dedicated cybersecurity business, with more than $30 million revenue forecast for FY20.

PS&C Security was created through the merger of four leading security firms: Pure Hacking, HackLabs, Certitude and Securus Global.

The integration of PS&C's cybersecurity assets is part of Tesserent's Cyber 360 Strategy and will give Tesserent full cybersecurity capabilities including security advisory, penetration testing, deployment and management of security infrastructure and secure application development.

The acquisition will also increase Tesserent's global footprint to include Australia, Asia and the UK.

The listed company is fully funded for the proposed acquisition by way of a $7 million converting note committed by a group of existing shareholders, and a $3 million acquisition facility provided by PURE Asset Management.

"The acquisition of the PS&C Security business is a natural fit for Tesserent, with numerous synergies between the two groups that we expect will enable us to provide a comprehensive cybersecurity offering to our current and prospective customer base," says Tesserent managing director Julian Challingsworth.

"The PS&C Security business brings with it some of the best minds in the cybersecurity sector in Australia and is a key facet of our comprehensive strategy that we expect to deliver excellent shareholder value moving forward."

The acquisition still requires shareholder approval, the details of which will be provided at a future time.

Shares in Tesserent are up 4.35 per cent to $0.048 per share at 11.48am AEST.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Business success comes from thinking inside the box for TAXIBOX founder
Partner Content
On a first glance, the world of storage solutions might not seem particularly exciting ...
TAXIBOX
Advertisement

Related Stories

Space beer, crops and embryos: Saber unveils plans for International Space Station mission

Space beer, crops and embryos: Saber unveils plans for International Space Station mission

Australian space engineering company Saber Astronautics has today u...

Will philosophy and ‘counterfactuals’ help us unlock the mysteries of AI?

Will philosophy and ‘counterfactuals’ help us unlock the mysteries of AI?

Artificial intelligence is increasingly being rolled out all around...

ACCC launches probe into misleading social media influencer posts

ACCC launches probe into misleading social media influencer posts

Australia's consumer watchdog is cracking down on social media ...

Takeover talks reignited between Tyro and Potentia Capital

Takeover talks reignited between Tyro and Potentia Capital

Talks of a potential takeover are back on between Sydney-based Tyro...