Publicly listed data centre provider DC Two has acquired Perth-based security and intelligence organisation Thomas Cyber.
The acquisition will be performance-based only with Thomas Cyber paying DC Two shares valued at a baseline share price of $0.025 over various tranches until the 2025 financial year.
In total, this will result in a price of at least $435,000. DC Two said the price reflected the incoming “management’s commitment to [Thomas Cyber’s] organic growth strategy”.
Founded in 2017, Thomas Cyber provides consultancy and services around assessment, validation and assurance for securing organisations.
According to DC Two, the acquisition represents an opportunity to expand its technology capabilities and add expertise in cyber security technology.
Following the acquisition’s completion, the data centre provider will create a new cyber division with Thomas Cyber’s management as its lead.
DC Two added that Thomas Cyber delivered around $360,000 in unaudited revenue for FY2023 which “provides a strong foundation moving into FY2024”.
Last year, DC Two posted a $4.3 million loss for the year ended 30 June 2022, an increase of 20 per cent year-on-year.
The Perth-headquartered company last year made a loss of $3.5 million and saw major costs resulting from the cancellation of 5,000,000 management performance rights, valued at $1.3 million, as well as depreciation expenses of $1.1 million.
The same year, DC Two promoted its executive director, Blake Burton, as its managing director.