Tesserent touts $6M in fresh govt deals

Tesserent touts $6M in fresh govt deals

It also snapped up over $4 million in enterprise deals in September alone

Credit: ID 55578362 © Victor Diola Jr | Dreamstime

Publicly-listed cyber security services provider Tesserent has revealed it won more than $6 million in federal, local and state government contract wins during the September quarter, while snapping up over $4 million in enterprise deals last month alone. 

The company told shareholders in a market update that it had enjoyed a number of significant wins resulting from co-selling strategies between its business units over the past quarter.

These wins, the company said, underpinned the achievement of hitting its target of $100 million gross revenue annualised run rate. 

Moreover, continued growth of the firm’s annual recurring revenue streams from new and existing locked-in annuity contracts are now in excess of $30 million per annum, Tesserent told shareholders. 

The recent wins come as the company, which counts Cisco, Palo Alto Networks, Alien Vault and Sophos among its technology partners, integrates a number of recent acquisitions into its business. 

Thanks in part to a financial integration of all the group’s business units onto one system, Oracle NetSuite, the company is able to integrate new acquisitions onto a common core financial platform that optimises and lowers transaction processing costs across the company.

The core objective of the company’s acquisition strategy is to fill key capabilities in the firm’s ‘Cyber 360’ end-to-end cyber security offering. 

Tesserent has been on an acquisition spree, adding Seer Security, Airloom and Ludus Cybersecurity to its ranks over the past year or so. In October last year, it also purchased PS&C’s security division for $16 million.

In September, Tesserent subsequently acquired Sydney-based secure cloud services firm, iQ3 for $17.2 million.

Now, with a broad cybersecurity offering with clearly defined market segments in place, Tesserent said it was focused on “unlocking synergies to maximise organic revenue growth”.

With its current post-acquisition capabilities, Tesserent Limited, as the parent company and corporate-facing brand, has two primary customer-facing go-to-market brands. 

These include North Security which, from the beginning of this month, absorbs Seer Security (in Canberra) and Ludus Cybersecurity, and will remain focused on serving the federal government, law enforcement and defence market. 

The other go-to-market brands will focus on private enterprise and the state and local government markets. These brands are Pure Security, with the recently absorbed Rivium business and the more recently acquired Airloom business, which will remain focused on supporting private enterprise and state and local government.

The company said that future “Cyber 360” capabilities that are required, such as iQ3's secure cloud services and other potential proprietary solutions, will be strategically positioned to complement the above strategy.

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