Tag Archive for: Tesserent

On World Backup Day, Tesserent CIO Michael McKinnon explores cybersecurity in 2022 and beyond



Tesserent (ASX:TNT) share price leaps 10% on acquisition news


a group of three cybersecurity experts stand with satisfied looks on their faces with one holding a laptop computer while he group stands in front of a large bank of computers and electronic equipment.

Image source: Getty Images

The Tesserent Ltd (ASX: TNT) share price is rebounding strongly from yesterday’s heavy falls. This comes after the company announced the acquisition of two companies, boosting its presence in the federal government cybersecurity space.

At the time of writing, the internet security services provider’s shares are fetching 16.5 cents apiece, up 10%.

Tesserent cements leading position in cybersecurity solutions

Investors are fighting to get a hold of Tesserent shares following the company’s positive update.

According to its release, Tesserent advised it has acquired Pearson Corporation and Claricent through two separate share purchase agreements.

Both companies were targeted due to their strong position in the federal government marketplace.

Based in Canberra, Pearson Corporation is an IT consulting firm that has demonstrated experience in information security management services. The company operates in both the public and private sectors, providing expertise in cybersecurity, Microsoft, Carbon Black, and Ivanti products.

Notably, its services have assisted in delivering Essential 8 compliance for Commonwealth entities around Australia.

Tesserent’s other acquisition Claricent is a private Australian company that specialises in governance risk and compliance (GRC) services.

Both additions are expected to immediately integrate into Tesserent’s ecosystem, particularly its North Security business. This area is tasked with leading the company’s federal government team by delivering deliver large multi-year projects.

Tesserent is set to pay $28.8 million for Pearson and $4.13 million for Claricent through a mix of cash and company shares. In total, the price tag of both acquisitions is $32.93 million.

The amounts are due to be paid in two instalments. Around 50% of the enterprise value will be paid on completion which is slated for December 2021. The remaining 50% is to be paid on the finalisation of audited accounts, estimated sometime in September 2022.

Tesserent chair Geoff Lord welcomed the newly-acquired businesses, saying:

… These acquisitions cement our position as the leading ASX-listed provider of cybersecurity solutions and services…

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Why is the Tesserent (ASX:TNT) share price climbing 11% on Friday?


Tesserent cybersecurity professional man inspects server room and works on laptop

Image source: Getty Images

The Tesserent Ltd (ASX: TNT) share price is surging today despite no news being released by the company.

However, only minutes before yesterday’s close, Tesserent announced it had completed its acquisition of Australian cybersecurity firm, Loop Secure.

Tesserent spent around $13.5 million to acquire Loop, using a mix of cash and scrip to pay.

At the time of writing, the Tesserent share price is 24.2 cents, 10% higher than its previous close.

Let’s take a closer look at the most recent news from the internet security-as-a-service provider.

Tesserent finalises Loop acquisition

The Tesserent share price is gaining today despite no news from the cybersecurity and cloud services company. However, its recently finalised acquisition is a potential catalyst.

Yesterday, Tesserent announced it had completed its acquisition of Loop Secure. While investors’ enthusiasm for Tesserent shares may have been spurred by this today, the acquisition has been a long time coming.

Tesserent first announced its plan to acquire Loop on 19 August.

Back then, the market was seemingly indifferent to the announcement. The Tesserent share price finished that session exactly where it had ended the previous one.

According to Tesserent, its purchase of Loop adds an additional $18 million of unaudited revenue to its books. Loop also has $2.25 million of sustainable earnings before interest, tax, depreciation, and amortisation (EBITDA).

Additionally, Loop’s security services will strengthen Tesserent’s Cyber 360 capabilities and deliver significant synergy and cross-selling benefits.

Tesserent previously said the acquisition would see it paying $7 million of cash on completion. It expects to pay another $2 million over the following 12 months.

Tesserent share price snapshot

Today’s gains haven’t been enough to boost the Tesserent share price back into the green.

The company’s stock value has fallen 30% since the start of 2021. It is almost 7% lower than it was this time last year.

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