Drake buys its way into tech market

Drake buys its way into tech market

WA explorer signs deal to acquire Israeli cyber security company, Genome

Perth-based coal, copper and nickel explorer, Drake Resources (ASX:DRK), is the latest in a seemingly never ending list of companies to buy its way into the tech market.

The company has completed a $11 million acquisition of Israeli human risk governance firm, Genome, through the issue of 518.6 million new shares and a cash payment of $US440,000.

Drake said it will also attempt to raise $9.4 million as part of the recapitalisation. Drake had previously focused on exploration of its nickel, copper and gold assets across Scandinavia and West Africa.

The company’s current chief executive, Jason Stirbinskis, will depart as part of the restructure along with all but one of the company’s board members. The new company will target revenue 12 to 15 months after the shake-up and readmission to the ASX.

According to a company statement, Genome analyses and maps employee risk levels and provides mitigation, intelligence and training solutions to reduce the chance of security breaches.

Drake non-executive chairman, Brett Fraser, said the recent cyber-attack on the West Australian State Parliament was one example of the increased threat to organisations from cybercrime.

“There is pressure on company boards and organisations generally to consider cyber-attacks in their governance review since it is emerging as a significant, growing risk becoming more difficult to contain, quantify and insure against,” he added.

The deal requires shareholder approval.

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