Tesserent eyes acquisitions with $10M funding

Tesserent eyes acquisitions with $10M funding

Three acquisitions said to be well underway

Geoff Lord (Tesserent)

Geoff Lord (Tesserent)

Credit: Tesserent

Cyber security provider Tesserent has secured $10 million in funding in order to further its ambitious acquisition strategy in 2020.

The publicly listed company told shareholders it had three deals well underway that will support its Cyber-360 Strategy.

The money will come from Pure Asset Management as Tesserent teases a cash flow and EBITDA positive end to the 2020 financial year.

The provider also claimed it had achieved a $40 million revenue run rate, with full end of year results due to be announced next month. 

This financial year saw Tesserent acquire the security division of  PS&C for $16 million, in a move it claimed would make it the “largest dedicated publicly-listed cyber security business”.

It also bought NTH Consulting from PS&C in December 2019 for $5.3 million.

In addition, Tesserent, which partners with the likes of Palo Alto Networks, Cisco, Sophos and Darktrace, also appointed UXC founder Geoff Lord as its non-executive chairman in mid-January in a move referred to as a “major coup” .

In his first move, Lord said he would cut $1 million per year from Tesserent’s annual costs after it posted a $4.3 million loss in the last financial year.

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