Cyber-security company Tesserent rose 1.69 per cent today after acquiring competitors Rivium.
The acquisition carried through $1.495 million cash and placement of 17.55 million shares at $0.10 per share.
Tesserent provides professional outsourced cyber-security and network solutions to companies such as BMW, The Good Guys, Toyota, and Nintendo.
Rivium operates and developed the highly popular security product Splunk. Splunk provides real-time cyber-security data and AI integration to help companies and governments manage their server data.
This deal marks the first acquisition Tesserent has made as a company.
Tesserent CEO Julian Challingsworth says the company plans more acquisitions in the near future to build the company as a multi-service business.
Rivium’s forecasted 2019 performance is currently at $4.4 million in revenue.
Rivium CEO Robert Silver says the company was pleased with growth but decided to take the opportunity presented by Tesserent.
“With Tesserent we have identified synergies that will allow us to boost our marketing initiatives, improve our offering to new and existing customers and thus boost our growth,” he said.
Tesserent currently has offices in Victoria, NSW, QLD, and the ACT.