Tesserent invests in innovation and training with new business units

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Tesserent invests in innovation and training with new business units

Cybersecurity company Tesserent has announced that it is launching two new business units: Tesserent Innovation and Tesserent Academy, according to an ASX announcement.

This announcement comes alongside a reported 650 percent revenue growth year over year to H1 2021, putting the company on track to meet its goal of a $150 million turnover run-rate by 30 June 2021.

The company’s existing products and services will continue as the core of the business under the newly named Tesserent Cyber division.

“The two initiatives are about building out a strong Aussie ecosystem in cybersecurity,” chief executive Julian Challingsworth told CRN.

“Our overarching goal is to build a strong local cyber industry that covers cyber products and solutions, innovation, and training to ensure we have Aussie companies protecting Aussie assets.”

The Innovation division will be focused on investing in ANZ companies with new security technologies, exchanging a share of equity for financial, sales and go to market support.

This will go beyond full acquisition, such as the recent purchase of Secure Logic, and into venture capital style investment, Challingsworth explained. 

“We want to make strategic investments in those companies who may have great products or solutions, but might not have the financial means to take them to market. In the past, we’ve only done 100 percent, but we are looking at taking smaller stakes, 25 or 50 percent, and then working with the company to sell those products into our 1000+ strong customer base. 

“In exchange for that equity, we will buy into the business and help provide the ability to scale to local providers on the cutting edge of innovation.”

The Academy division is partnering with the Melbourne Business School and the TAFE sector to creating programs that will provide cybersecurity skills “from the boardroom to the basement.”

As well as providing technical training for Tesserent solutions, it will work with the C-suite and board members of organisations to improve their cyber awareness.

Challingsworth said the company is aiming to “bring cyber knowledge to all levels of organisations.” 

“The Academy is a huge opportunity not just for our own staff, but also our customers. We need our businesses to be more cyber aware and we want to help the workforce understand the cyber risks. We need a skilled workforce but there are skill shortages so it’s on us to address that and uplift local capability.”

He added that these investments were part of a holistic strategy to bring about improvements to the entire Australia security ecosystem, aiming to raise the level of the industry as a whole.

“The more success stories we can get in Australia, the more it aligns with our strategy of Aussies protecting Aussie assets.”

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