Tesserent losses deepen to $6M after 5 acquisitions in 6 months

Tesserent losses deepen to $6M after 5 acquisitions in 6 months

Bought Ludus, Airloom, Seer and iQ3 in second half year of 2020.

Tesserent's Julian Challingsworth

Tesserent's Julian Challingsworth

Credit: Tesserent

Tesserent is feeling the brunt of its recent acquisition spree as it posts a loss of $5.9 million for the half year ended 31 December 2020. 

The cyber security provider deepened its year-on-year losses by 59 per cent, rising from its corresponding loss of $2.2 million. 

According to publicly listed Tesserent, the costs behind the five acquisitions it made last half year — Ludus, Airloom, Seer, iQ3 and New Zealand’s Lateral Security — reached $2.7 million. 

This, alongside an employee share option expense of $2.6 million and loan facility costs of $2.2 million, contributed to the half year result. 

However, Tesserent’s revenue was a bright spot, rising by 444 per cent to $28.8 million, having posted $23.5 million in the previous corresponding period. 

Continuing to pursue its Cyber 360 strategy, the company said it now plans to expand its proprietary intellectual property and managed service offerings.  

It also told shareholders it intends to explore international expansion opportunities with a focus on the USA, UK, New Zealand and Canada. 

The company, which counts Cisco, Palo Alto Networks, Alien Vault and Sophos among its technology partners, now intends to carry on integrating its new purchases into the wider business. 

Meanwhile, it will also continue to focus on capturing customers in government (including  Defence), critical infrastructure and banking. 

The company recently won more than $6 million in federal, local and state government contracts during the September quarter, while snapping up over $4 million in enterprise deals. 

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Tags iQ3tesserentAirloomSeerLateral Security


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