IT security specialist Secure Logic has sold its managed services business to ASX-listed security services firm Tesserent for $10.75 million and 42 million shares.
The deal will bolster Tesserent’s Government division and provide access to a 24x7 security operations centre in Sydney.
Secure Logic has existing relationships with the New South Wales Government and a number of Federal Government departments and agencies. It also has some international and domestic corporate and financial institutions as customers.
“I welcome Secure Logic to the Tesserent group, strengthening our position as the leading provider of Government-focused cybersecurity solutions and services in Australia and New Zealand,” Tesserent chairman Geoff Lord said.
“In addition, this acquisition contributes to our FY21 $150 million turnover annualised run rate ambition.”
Secure Logic executive chairman Santosh Devaraj and managing partner Deepak Singh will lead the integration of Secure Logic into Tesserent’s Government practice group and ongoing operations.
Singh commented, “Providing Tesserent’s end-to-end services to our security-focused clients gives us the ability to significantly grow business and provide our clients access to a much broader solutions suite.”
“I’m excited to be leading this natural progression for Secure Logic and very much look forward to working with the Tesserent team.”
Following the integration, Devaraj will shift his focus on Secure Logic products TrustGrid and AttackBound. Tesserent has also signed on as the exclusive strategic partner for the products, where both will be incorporated into its Cyber360 offering across Australia and New Zealand.
TrustGrid is a digital trust services platform based on patent-protected advance blockchain technology, providing privacy preserved, secure and private digital trust services. AttackBound is an AI-based cyber threat intelligence platform, which provides customers a holistic view of the attack surface from a hacker perspective.
Speaking on his new focus, Devaraj said, “The launch of the TrustGrid and AttackBound products are being industrialised to SaaS-based technology offerings at a time when citizen privacy across the globe is increasingly paramount.”
“I am excited TrustGrid and AttackBound will be supported by Tesserent and that the establishment of an exclusive strategic partnership with the company across Australia and New Zealand will enable the TrustGrid and AttackBound products to be distributed across its customer base.”
Earlier today, Tesserent announced it secured $20 million in extra funding for upcoming acquisitions via an increased debt facility.
Secure Logic is the latest in a number of Tesserent acquisitions made since 2019, which includes Pure Security, Rivium, North Security, Seer Security, Airloom, Ludus Security, iQ3 and Lateral Security.