Publicly listed cyber security services provider Tesserent is set to give Sydney-based biometric technology vendor Daltrey a hand with picking up federal government deals in Canberra after buying a stake in the company.
Tesserent told shareholders on 8 July it had invested in the biometric security firm with the signing of a share subscription agreement, executed between both parties on 7 July 2021.
Tesserent is initially investing $600,000 for an initial stake, with a follow-on investment of a further $1.1 million upon successfully meeting key growth targets.
This will give Tesserent an initial 7 per cent shareholding with further options to invest an additional $10 million subject to performance of the company and future capital requirements.
Daltrey’s biometric technology is designed to enable an organisation’s users to prove who they are quickly and securely in both digital and physical scenarios without the need for passwords or swipe cards improving trust and accountability across the enterprise.
Daltrey will initially work with Tesserent’s Canberra based team to deliver sales into the federal government market which, the provider claims, are actively evaluating increased adoption of biometric solutions.
“We’re very excited about the growth in the biometric security market,” said Julian Challingsworth, Tesserent’s co-CEO. “We note some US private equity organisations have been investing in the market with a recent investment of US$543 million into Transmit Security, supporting our belief that biometrics will play a key role in security organisations’ data and systems in the near term.”
Tesserent’s recent history has showcased its appetite for acquisitive growth. In May, the company revealed its Innovation arm had made investments in cyber security startups TrustGrid and AttackBound.