Tesserent invests in cyber security startups TrustGrid and AttackBound
Tesserent invests in cyber security startups TrustGrid and AttackBound
Involves a 25 per cent stake in the startups through a mix of cash and shares. Credit: Dreamstime
Publicly listed cyber security services provider Tesserent has revealed its Innovation arm has made investments in cyber security startups TrustGrid and AttackBound.
This marks Tesserent Innovation’s first step in investing in globally applicable proprietary IP and involves a 25 per cent stake in the start-ups, which is funded through a mix of $1.5 million in cash and $1.5 million in shares at a purchase price of $0.2345 per share.
Cybersecurity services provider Tesserent has acquired a 25 percent stake in identity solutions specialist TrustGrid and cyber intelligence platform Att.
May 3 2021, 10:41 am | BY Ricki Green | No Comments
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ASX-listed security services firm Tesserent has completed its $10 million acquisition of Sydney managed services provider Secure Logic.
Tesserent said the deal adds Secure Logic’s $9 million turnover run rate and $4.2 million in earnings to its own balance sheet, as well as bolstering its government capabilities.
The deal was first announced in March, with Secure Logic joining Tesserent s Government practice group. Tesserent also became the strategic partner of ex-Secure Logic CEO Santosh Devaraj s new venture, TrustGrid.
The development comes as Tesserent reported record earnings, revenue and cash flow for the quarter ended 31 March 2021.
Tesserent saw its operational EBITDA increase to $1.7 million, up 21.4 percent year over year from $1.41 million.
Cybersecurity company Tesserent has announced that it is launching two new business units: Tesserent Innovation and Tesserent Academy, according to an ASX announcement.
This announcement comes alongside a reported 650 percent revenue growth year over year to H1 2021, putting the company on track to meet its goal of a $150 million turnover run-rate by 30 June 2021.
The company’s existing products and services will continue as the core of the business under the newly named Tesserent Cyber division.
“The two initiatives are about building out a strong Aussie ecosystem in cybersecurity,” chief executive Julian Challingsworth told CRN.
“Our overarching goal is to build a strong local cyber industry that covers cyber products and solutions, innovation, and training to ensure we have Aussie companies protecting Aussie assets.”