Sunday, 28 July 2019 23:44

Profitability on the horizon as Tesserent completes ‘highly successful’ Rivium integration

Profitability on the horizon as Tesserent completes ‘highly successful’ Rivium integration Image Stuart Miles,

Listed cybersecurity vendor Tesserent says it has made significant recent progress on the delivery key strategic steps that will accelerate the company towards profitability on a monthly basis by end of the 2020 financial year.

Tesserent (ASX: TNT) says the integration of security advisory and Splunk consultancy business, Rivium, announced in April, has been “highly successful”, with Rivium adding a Security Information Event Management (SIEM) and insider threat capability to its suite of cybersecurity solutions.

Tesserent also says the intergration of Rivium grows the company’s capabilities towards a full-service cybersecurity business.

Tesserent notes that the acquisition was accretive from day one, with Rivium forecasting FY19 revenue of $4.4m and EBITDA of $650,000 – with EBITDA of $1,000,000 expected in FY20.

Tesserent said the acquisition of Rivium was the first acquisition in its strategy to deliver an “end-to-end cybersecurity business”, and part of the acceleration of core business and the of the execution of its "aggressive growth strategy".

“Recent key initiatives designed to drive sales and market share have assisted Tesserent to move towards its goal of sustainable profitability,” said Tesserent managing director, Julian Challingsworth.

“We are pleased with recent significant progress and the move towards profitability on a month-by-month basis. The integration of Rivium has gone smoothly and the company is now well positioned to support ongoing growth.

“As we prepare to execute on future growth plans and capitalise on significant industry opportunities, we are moving forward and seeing accelerated sales. This is a key period for us as we expand into new high-growth markets and launch our new threat hunting products. We are rapidly positioning ourselves as a market leader in IT and cybersecurity and look forward to growing sales rapidly.”

Following the integration of Rivium, Tesserent has said it is launching a Splunk managed security solution which analyses machine- generated big data and enables security teams to use data to gain organisation-wide visibility and security intelligence.

“This solution will bring together the expertise of the Tesserent security engineers and the deep Splunk capabilities of the Rivium team all managed from the ISO 27000 certified Security Operations Centre located in Victoria,” Tesserent said in a statement on Friday.

And consistent with the company’s strategy of entering into new market segments Tesserent says in July it is launching a threat hunting product with “unique capability”, which will help uncover breaches in customers’ networks.

“Typically breaches go undetected for 6-7 months before being discovered. The Tesserent managed service will proactively hunt out threats and eliminate them in a much shorter timeframe reducing the business damage from these attacks. As a result, Tesserent’s product offering will provide capabilities to enable customer to improve their security posture,” Tesserent said.

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Peter Dinham - an iTWire treasure is a mentor and coach who volunteers also a writer and much valued founding partner of iTWire. He is a veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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