Cybersecurity services provider Tesserent has acquired a 25 percent stake in identity solutions specialist TrustGrid and cyber intelligence platform AttackBound, both spinoffs of Sydney-based managed service provider Secure Logic.
The deal was done through Tesserent’s Innovation division and via a shareholder’s agreement and a share/sale purchase agreement signed in late April.
Tesserent said it paid $3 million for the stake, comprising a 50-50 split between cash and Tesserent stocks.
As part of the deal, Tesserent also forged a strategic partnership with the companies to distribute TrustGrid and AttackBound as part of its Cyber360 offering for Australia and New Zealand customers.
Tesserent also announced that Secure Logic product development lead Dmitry Samokhvalov has joined TrustGrid as head of engineering and product.
“Tesserent Innovation was founded to look for innovative and substantial technology startups to invest in for future global growth and added shareholder value, and I believe we’ve hit the ground running with TrustGrid and AttackBound as the first of many,” Tesserent co-chief executive Julian Challingsworth said.
The agreement is the latest development in Tesserent’s $10 million acquisition of Secure Logic earlier this year, where both TrustGrid and AttackBound were developed.
TrustGrid and AttackBound chief executive Santosh 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 about TrustGrid and AttackBound’s important strategic partnership with Tesserent, who will be instrumental in the distribution of both products across Tesserent’s well-established customer base in Australia and New Zealand.”