ASX-listed security services provider Tesserent has completed its acquisitions of managed security service providers Airloom and Ludus Cybersecurity.
Tesserent announced the acquisitions in late August, the company’s second and third this year and the most recent of six total since scoring an investment from former UXC chief Geoff Lord last year.
Sydney-based Airloom was acquired for $6 million in cash and 40 million in Tesserent stock. The company is a top tier F5 partner which offers network, endpoint, application and cloud security services, as well as identity solutions and other managed security services.
Canberra-based Ludus was acquired for $536,000 in cash and 4.3 million Tesserent shares. The company specialises in capability uplift, penetration testing and application development, with a number of government contracts locked in.
Tesserent said the acquisitions would give a gross revenue run rate on an annualised basis of around $80 million, with an aim to grow to $100 million by the end of the year.
“Current market conditions combined with our healthy cash position (circa $10 million) continue to present tremendous consolidation opportunities, and we fully expect to take advantage of this with several acquisitions currently under consideration, two of which are nearing completion of due diligence,” the ASX announcement read.
“This, together with our ability to quickly complete transactions, improves our ability to land quality acquisition targets.”