SecureNet has sunk its teeth further into the managed security services market after swallowing up Canberra-based managed service provider (MSP) iSecure.
SecureNet purchased the MSP for an up-front cash payment of $2.6 million, with further consideration of up to a maximum of $4.4 million over the next two years depending on the financial performance of the division under SecureNet's wing.
SecureNet managing director Geoffrey Ross said although the company's focus has been the sale of software products, systems integration services and consulting, offering managed security services has been on its radar for some time. "It has always been on the business plan," he said. "We wanted to start aggressively - and it became quite clear the best way to do it was to acquire the best organisation delivering these services."iSecure is an Australian Government Endorsed Supplier, and government departments such as the Australian Taxation Office, ACT Government, AusIndustry and the Department of Communications, IT and the Arts (DCITA) all outsource the management of their firewall, virus protection and network security requirements to the company.iSecure made a small operating loss for the 12 months to 30 June 2001, and its new parent expects it to only break even for the current financial year before contributing more significantly to the SecureNet business by the 2002-2003 financial year.