The cyber security firm has secured access to a new suite of commercialisation services after being consolidated by Stone & Chalk.
Cyber security firm AustCyber has officially become a wholly-owned subsidiary of impact network Stone & Chalk, following an acquisition announced on Monday (15 February).
Under the terms of the agreement, AustCyber will retain its standalone brand, staffing structure and national network of cyber security innovation nodes, and will also continue to operate as one of the Australian government’s industry growth centres.
As part of the acquisition, AustCyber is expected to tap into the impact network’s commercialisation services, which include investment support, customer and talent acquisition, corporate partnerships, ecosystem support and curated mentorship from commercial stakeholders.
In return, Stone & Chalk’s emerging technology founders will secure access to AustCyber’s resources to ensure the platform is ‘secure by design’ before writing its first line of code.
The expanded entity is expected to provide start-ups and scale-ups with access to domestic and international customers, talent, expertise and capital, while also helping to shape the policy and regulatory landscape for critical and emerging technology products and services.
“The COVID-19 pandemic has made it clear that Australia can no longer depend so heavily on imported technology which contains critical dependencies in supply chains,” Stone & Chalk’s CEO Alex Scandurra said.
“In making our two organisations one, we are combining the greatest concentration of cyber security industry expertise in the country with the most developed technology commercialisation infrastructure that Australia has ever built.
“The integration of Stone & Chalk and AustCyber will enable our joint organisation to pursue a resilient and prosperous future not just for founders, enterprise and governments, but for all of Australia.”
AustCyber CEO Michelle Price said the acquisition would enable the firm to better address the cyber security threats.
“It’s in our nation’s interests to be investing in scalable, flexible and sophisticated ways and means to nurture and propel forward emerging tech industries,” she said.
“AustCyber has demonstrated its ability to do this for cyber security and it’s critical we apply similar approaches to other emerging technologies.
“I have long respected the capabilities of Stone & Chalk and know that joining forces will provide our existing ecosystems with the tools they need to evolve, develop and thrive.”
Stuart Ayres, NSW Minister for Jobs, Investment, Tourism and Western Sydney, said the deal would between Stone & Chalk and AustCyber would support the development of critical and emerging technologies.
“The integration of these two organisations will see new jobs and investment for NSW, as well as the rest of the country, at a critical time when our economy is recovering from the pandemic,” he said.
“Our government will continue to support the growth of emerging technology and ensure cyber security is built into these new platforms from the ground up. These will be the jobs of tomorrow.”