Tesserent has snapped up Sydney security provider Airloom as part of its ongoing investment in its Cyber 360 strategy.
The managed security provider will pay $6 million in cash, plus 40 million shares, giving a total price of $14.8 million at the share value at the time of writing of $0.22.
Airloom, an F5 Networks partner, posted gross revenue of $27 million for the 2020 financial year and will bring several multi-year contracts to Tesserent.
The provider’s three leaders, Chris Hagios, Malcolm Salameh, and Adrian Noblett, will all join Tesserent as a result of the acquisition.
“The Airloom management team enjoys a reputation second to none in the cybersecurity market, and is a real boost to our operations, particularly in Sydney where we will look to improve our already strong reputation,” Tesserent chair Geoff Lord said.
According to Tesserent, the deal will bring “significant synergies” through the deployment of managed security services delivered from the companies’ local Security Operations Centre (SOC).
In addition, Airloom’s customer roster of banking and Australian Securities Exchange (ASX)-listed company clients will provide cross-sell opportunities for the entire group, the company added.
The move comes as part of publicly-listed Tesserent’s ongoing Cyber 360 strategy, which sees heavy investment into its Pure Security business arm.
Just last month, Tesserent acquired Canberra and Melbourne security provider Seer for $5 million, giving it access to the latter’s government client roster.
The Seer Canberra team will join Tesserent’s ACT operation, North Security, which the latter acquired from PS&C in December last year.
Last month, Tesserent announced it had secured $10 million to support its Cyber-360 Strategy, of which M&A will play a major role.
It also struck a teaming agreement with Oracle-focused consulting firm McArthur Associates (MCA) in another bid to gain presence within the federal government.