- Cybersecurity company, Tesserent will acquire ICT’s security division, PS&C, for $16 million
- Tesserent will have more than $30 million of revenue for the financial year 2020
- For PS&C, Tesserent will pay $9 million cash, $5 million of Tesserent equity (at 5¢ per share) and a choice between $2 million or equity
Cybersecurity company, Tesserent will acquire ICT’s security division, PS&C, for $16 million.
This acquisition will make Tesserent Australia’s largest listed dedicated cybersecurity firm, with more than $30 million of revenue forecast in the financial year 2020.
The company will have more than 90 cybersecurity professionals that have served more than 600 customers in the last three years.
For PS&C, Tesserent will pay $9 million cash, $5 million of Tesserent equity (at 5¢ per share) and a choice between $2 million or equity.
If the acquisition is to proceed, Tesserent will borrow $7 million converting note.
PS&C Security has more than 20 years’ experience in defending, protecting and assuring applications and IT infrastructure for customers.
Tesserent provides enterprise-grade managed cybersecurity and networking services to corporate customers in Australia, UK and Korea.
The company has a 24/7 Security and Network Operations Centre, which delivers world-class Security-as-a-Service to medium and large organisations’ around the globe.
Following this acquisition, Tesserent will expand its cybersecurity capabilities to include security advisory, penetration testing, security infrastructure & secure application development.
This acquisition will also expand Tesserent’s customer footprint across Australia, Asia and the UK.
Tesserent Managing Director Julain Challingsworth says 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,” he said.
“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 acquisition strategy that we expect to deliver excellent shareholder value moving forward,” he added.
Tesserent will need shareholder approval for the acquisition to go ahead.