Security services specialist Tesserent has acquired Melbourne and Canberra-based security consulting firm Seer Security for $5 million and Tesserent stock.
The acquisition bolsters the Tesserent’s security capabilities and presence in Canberra, with the company also claiming to be the capital’s largest pure cybersecurity provider.
Seer specialises in Government-certified delivery of assurance and governance, risk and compliance (GRC) services and software development.
Seer’s Canberra operations joins Tesserent’s Canberra-based subsidiary North, while the Melbourne office will remain as a standalone business specialising in security software development.
Tesserent chairman Geoff Lord said, “We are delighted to welcome Seer Security to the group, particularly in light of the $1.35 billion ‘Cyber Enhanced Situational Awareness and Response’ (CESAR) package to combat foreign cyber threats to Australian sovereignty, recently announced by Prime Minister Scott Morrison.”
The acquisition was funded through Tesserent’s recently announced debt funding facility and is expected to be completed in August 2020. The purchase price is $5 million in cash, paid in three installments, and 76.9 million Tesserent shares.
Seer Security managing director Scott Ceely said, “ There is a significant opportunity for Australian-based cyber firms to work with all levels of Australian government to improve their security posture.”
“Having the support of Australia’s largest listed cyber company behind us will enable Seer to scale up and expand our capabilities to better serve the organisations that are securing our nation.”