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- Cybersecurity provider Tesserent is set to become a national leader after buying fellow cyber firm PS&C Security
- The purchase is expected to bring the company’s yearly revenue to $30 million
- Tesserent says it’s boosted contract value during the quarter by 264 per cent, bringing it to $5.1 million
- Tesserent’s share price closed 5.56 per cent higher today, currently sitting at 5.7 cents
In its investor presentation released on the ASX today, Tesserent reinforced its aim to become Australia’s leading cybersecurity provider.
Contract value secured during the first quarter of the 2020 financial year totalled $5.1 million, recording a 264 per cent increase on last year’s average.
The company said it expects to achieve positive cash flow and profitability each month by the end of the financial year.
Earlier this month, Tesserent purchased PS&C Security, making it the largest listed cybersecurity firm in Australia. The new business specialises in pure hacking, hack labs and technology risk services.
“We are very excited that the team from PS&C Security will be joining our vision to be Austrasia’s leading listed cybersecurity organisation,” company Managing Director Julian Challingsworth said.
The addition of PS&C Security is forecast to boost Tesserent’s revenue during the financial year to $30 million.
Recently, the company launched its Cyber360 platform which will help the company grow in its target market. The cybersecurity framework is designed to provide comprehensive coverage which suits the client’s risk profile.
Tesserent’s share price closed 5.56 per cent higher today, currently sitting at 5.7 cents apiece.
