Tesserent signs agreement to acquire PS&C Limited’s security division
MELBOURNE: Tesserent Limited, as a key component of its previously announced Cyber 360 Strategy, has signed a sales and purchase agreement (SPA) to acquire the security division of ICT and digital consulting organisation PS&C Limited.
The proposed acquisition will see Tesserent become Australia’s largest listed dedicated cybersecurity business, with more than 90 cybersecurity professionals that have served more than 600 customers in the last three years.
The integration of the PS&C Security business will give Tesserent full cybersecurity capabilities including security advisory, penetration testing, deployment and management of security infrastructure and secure application development.
As a result of the proposed acquisition Tesserent’s customer footprint will expand across Australia, Asia and the UK.
Tesserent is fully funded for the proposed acquisition by way of a $7mn converting note committed by a group of existing shareholders, and a $3mn acquisition facility provided by PURE Asset Management as recently announced.
PS&C Security has more than 20 years’ experience in defending, protecting and assuring applications and IT infrastructure for customers. It has completed thousands of penetration tests, security consulting engagements and managed services undertakings for organisations spanning various sectors.
Tesserent Managing Director Julain Challingsworth commented: “The acquisition of the PS&C Security business is a natural fit for Tesserent, with numerous synergies between the two groups that we expect will enable us to provide a comprehensive cybersecurity offering to our current and prospective customer base.“The PS&C Security business brings with it some of the best minds in the cybersecurity sector in Australia and is a key facet of our comprehensive acquisition strategy that we expect to deliver excellent shareholder value moving forward.”