Tesserent has jumped on the acquisition trail again, buying the managed security services business of Secure Logic.
The publicly listed security player will pay A$10.75 million in cash and 42,145,974 of its shares, which are currently valued at 0.27c, giving a grand total value of A$22 million.
Headquartered in Sydney, Secure Logic has three offices across Asia including Singapore, Malaysia and India.
The MSSP practice covers a 24/7 Security Operations Centre located in Sydney, working predominantly with NSW state government and federal government departments and agencies, as well as a range of international and domestic corporate and financial institutions.
“I welcome Secure Logic to the [Tesserent] group, strengthening our position as the leading provider of government-focused cybersecurity solutions and services in Australia and New Zealand,” Tesserent chair Geoff Lord said.
Secure Logic’s MSSP business has an audited FY20 turnover of A$9 million, delivering A$4.2 million in earnings before interest, tax, depreciation and amortisation (EBITDA).
Its main offering is a threat detection and privacy platforms AttackBound and TrustGrid. These will be incorporated into Tesserent’s ongoing Cyber360 strategy.
Secure Logic’s executive chairman Santosh Devaraj and managing partner Deepak Singh will head up Secure Logic’s integration into Tesserent’s Government practice group and ongoing operations.
“Providing Tesserent’s end-to-end services to our security-focused clients gives us the ability to significantly grow business and provide our clients with access to a much broader solutions suite. I’m excited to be leading this natural progression for Secure Logic and very much look forward to working with the Tesserent team,” Singh said.
As a result, the company posted a loss of A$5.9 million for the half-year ended 31 December 2020, a 59 per cent, rise from its corresponding loss of A$2.2 million year-on-year.