Thursday, 19 August 2021 12:41

Tesserent acquires cybersecurity firm Loop Secure due to strong growth

Tesserent chairman Geoff Lord Tesserent chairman Geoff Lord

Cybersecurity company Tesserent has acquired specialist cybersecurity firm Loop Secure through a share purchase agreement executed between both parties last 18 August.

Loop Secure’s services strengthen Tesserent’s Cyber 360 capabilities. The acquisition presents opportunities for Tesserent, which will leverage it to boost corporate relationship and skills within the company.

“The addition of Loop Secure to the TNT group is a welcome one, cementing our position as the leading ASX-listed provider of cybersecurity solutions and services in ANZ and as well as contributing to our annual turnover and adding significant recurring revenue to the company,” Tesserent chairman Geoff Lord comments.

According to Tesserent, Loop Secure has an excellent operating record with unaudited FY21 turnover of $18 million, delivering $2.25 million earnings before interest, taxes, depreciation, and amortisation (Ebitda).

Tesserent says Loop Secured has continued to deliver strong growth in the last 12 months.

The Loop Secure acquisition will involve a mix of cash and Tesserent shares, being $9 million in cash and 15.9 million shares at a 14-day volume weighted average price (Vwap) of $0.28.

The cash component was paid $7 million on completion with the balance paid out over 12 months, which will be funded from existing cash reserves together with the earlier announced (16 March 2021) Pure Finance facility.

Headquartered in Sydney with offices in Melbourne and Brisbane, Loop Secure is a is a cybersecurity firm providing managed security services, GRC and offensive security services. The firm operates a Security Operations Centre located in Melbourne, working predominantly with a range of international and domestic enterprises.

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