Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Cybersecurity provider Tesserent is set to become a national leader after buying fellow cyber firm PS&C Security
  • The purchase is expected to bring the company’s yearly revenue to $30 million
  • Tesserent says it’s boosted contract value during the quarter by 264 per cent, bringing it to $5.1 million
  • Tesserent’s share price closed 5.56 per cent higher today, currently sitting at 5.7 cents

In its investor presentation released on the ASX today, Tesserent reinforced its aim to become Australia’s leading cybersecurity provider.

Contract value secured during the first quarter of the 2020 financial year totalled $5.1 million, recording a 264 per cent increase on last year’s average.

The company said it expects to achieve positive cash flow and profitability each month by the end of the financial year.

Earlier this month, Tesserent purchased PS&C Security, making it the largest listed cybersecurity firm in Australia. The new business specialises in pure hacking, hack labs and technology risk services.

“We are very excited that the team from PS&C Security will be joining our vision to be Austrasia’s leading listed cybersecurity organisation,” company Managing Director Julian Challingsworth said.

The addition of PS&C Security is forecast to boost Tesserent’s revenue during the financial year to $30 million.

Recently, the company launched its Cyber360 platform which will help the company grow in its target market. The cybersecurity framework is designed to provide comprehensive coverage which suits the client’s risk profile.

Tesserent’s share price closed 5.56 per cent higher today, currently sitting at 5.7 cents apiece.

TNT by the numbers
More From The Market Herald

" dorsaVi (ASX:DVL) extends agreement with QBE Australia

dorsaVi (ASX:DVL) has extended a deal with insurance provider QBE Australia for a further three years.

" New contract sees X2M Connect (ASX:X2M) cover 80pc of households in Okcheon, South Korea

X2M Connect (ASX:X2M) secures a repeat order to deliver water monitoring and control services to households…
Superloop (ASX:SLC) - Managing Director and CEO, Paul Tyler

" Superloop (ASX:SLC) completes Acurus acquisition

Superloop (ASX:SLC) has completed the acquisition of technology services company Acurus.
The Market Herald Video

" LiveHire (ASX:LVH) signs strategic partnership with TAPFIN

Talent acquisition and engagement platform LiveHire (ASX:LVH) has signed a strategic partnership with ManpowerGroup Talent Solutions'…