Security services company Tesserent has posted strong revenue growth to highlight what it calls “transformational business growth”, following a string of acquisitions from last year.
In the half-year ended 31 December 2020, the company posted revenue of $28.9 million, up 444 percent year over year from $5.3 million. EBITDA was $2.9 million, compared to a loss of $1.6 million the previous year.
Tesserent cited its recent acquisitions and an increase in business unit cross-sales for the revenue growth. Between August to November 2020, the company acquired Seer Security, Airloom, Ludus Cybersecurity and iQ3.
The acquisitions also resulted in a 55 percent increase in statutory losses before tax from $3.9 million to $6.2 million. It includes a combined $7.9 million in acquisition costs and related expenses.
“[The first half of] FY2021 saw Tesserent achieve transformational business growth, resulting from strategic acquisitions and increased business unit cross-sales which created shareholder value in a number of key areas including a significant uplift in market capitalisation and share price,” the announcement read.
“Whilst the company’s comparative year-over-year revenue and earnings is strong, the H1 FY21 statutory results are still backward-looking and are not a current reflection of the company’s current or go-forward financial position.”
Looking ahead, Tesserent will continue focusing on its Cyber 360 strategy and build out a one-stop-shop for a complete end-to-end cybersecurity solution.
The company will continue integrating its recent acquisitions, increase market share in government, critical infrastructure and banking and finance, explore further acquisitions, expand product offerings and expand its international presence.
Last month, Tesserent acquired New Zealand-based Lateral Security, officially entering the NZ market. The move followed the company's formation of a joint venture in November with another NZ-based company Secure Optic, named Optic TNT Security Pty. Ltd.