Tesserent acquires 2 cyber security vendors

Cyber security firm Tesserent confirmed that it is in the process of acquiring Pearson Corporation Pty Ltd and Claricent Pty Ltd, signing two separate share purchase agreements.

The company confirmed in a release that the businesses would integrate into the company’s North Security business, leading the TNT’s federal government team.

Both Pearson and Claricent have a history of operations within the federal government's marketplace, enabling Tesserent to continue strengthening its ability to deliver multi-year projects for the commonwealth’s cyber security capabilities.

Pearson has provided programs surrounding the delivery of the Essential 8 program, an Australian Signals Directorate (ASD) led framework to ensure organisations have a baseline of protection. The company’s unaudited revenue target for FY22 is $21.5 million, and a $4.8 million EBITDA.

Meanwhile, Claricent is expected to enhance TNT’s governance risk and compliance (GRC) team and has an unaudited revenue target for FY22 of $2.8 million, and a $0.75 million EBITDA.

The acquisition will be a mid of cash and TNT shares.

“The addition of these two government-focused organisations to the TNT group is a welcome one. These acquisitions cement our position as the leading ASX-listed provider of cyber security solutions and services into federal government and the leading provider of Essential 8 consulting services, as well as contributing to our annual revenue and adding significant recurring EBITDA to the group,” said Geoff Lord, chairman of TNT.

In August, Tesserent confirmed the company had acquired Loop Secure, having signed a share purchase agreement.

The strategic acquisition of Loop Secure formed part of the company’s acquisition-supported growth strategy, having already acquired cyber security businesses Pure Security, Seer Security, Airloom, iQ3 and Lateral security. According to a statement released by the company, the acquisitions made Tesserent Australia’s largest listed cyber security company.

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Sydney-based Loop Secure provides managed security services, GRC and offensive security services, with offices also located in Melbourne and Brisbane. The company’s Melbourne Security Operations Centre oversees a range of Australian and international clients.

It is hoped that the acquisition will enable Tesserent to enhance the company’s Cyber 360 capabilities and increase their growth yet further, with Loop Secure recording a 2020-21 unaudited revenue of $18 million and $2.25 million in sustainable EBITDA.

[Related: Tesserent acquires Loop Secure]