Sydney-based managed security services provider Brace168 has been acquired by ASX-listed security platform vendor Cipherpoint for $3 million.
The acquisition bolsters Cipherpoint’s security offering and helps the company compete more aggressively in the market.
Founded in 2017, Brace168 specialises in managed detection and response services to medium to large-scale businesses and enterprises. It also features a scalable Security Operations Centre (SOC) aligned with ISO27001 and Crest accreditations, as well as approval from NSW Government panels.
Brace168’s platform is built to work seamlessly across business and enterprise environments as well as government agencies. Some customers include financial services, property, manufacturing, technology and health sectors.
“The Cipherpoint team is excited that the founders of Brace168 will be joining us on the journey to offer best of breed solutions to the business and enterprise market both locally and internationally,” Cipherpoint chairman Ted Pretty said.
“Our focus has been to acquire a business with a strong and complementary platform, and which has an attractive organic growth trajectory. Acquiring Brace168 gives Cipherpoint the ability to compete aggressively in the market. In my opinion, it enables Cipherpoint to scale with an integrated offering and will be a more attractive investment option than other cyber consulting rollups underway in the market.”
As part of the deal, Cipherpoint will award Brace168 executives Greg Bunt and Matt Miller with new executive arrangements including company shares in addition to competitive salaries and incentives, while the rest of the Brace168 team will also get share-based incentives as part of Cipherpoint.
Brace168 founder Greg Bunt said, “We are excited about the prospect of joining Cipherpoint and its team at this critical stage of our growth journey. In our opinion, Brace168 has the potential to set new standards in cyber security including providing managed detection and response services, security analytics and data protection.”
“We remain committed to ensuring our customers are provided best in class service and support and to be the clear choice of supplier, partner and employer.”
The acquisition is expected to close by early March 2021.