- Tesserent (TNT) is set to purchase cybersecurity firm, Airloom
- The company will complete the Airloom transaction for $6 million in cash and 40 million shares
- Airloom is Sydney-based and focuses on security architecture
- After the purchase, Tesserent will have a strong earnings base and is targeting a revenue run rate on an annualised monthly basis of around $80 million
- Tesserent has opened the market at 22.5 cents per share
Tesserent (TNT) is set to purchase cybersecurity firm, Airloom, for $6 million in cash and 40 million shares.
Airloom is based in Sydney and focuses on security architecture. TNT says the firm has a strong management team and an excellent operating record.
After the purchase, Tesserent will have a strong earnings base and is targeting a revenue run rate on an annualised monthly basis of around $80 million.
The acquisition complements Tesserent’s existing group of companies and further strengthens the group’s national footprint.
“We’re extremely pleased to welcome Chris Hagios, Malcolm Salameh,
and Adrian Noblett to the Tesserent family,” Tesserent’s Chairman Geoff Lord said.
“The Airloom management team enjoys a reputation second to none in the cybersecurity market, and is a real boost to our operations, particularly in Sydney where we will look to improve our already strong reputation,” he added.
Phase one complete, phase two launched
During phase one of its acquisition strategy, Tesserent was focussed on future-proofing by purchasing businesses and continuing to build on its Cyber 360 offering.
This included achieving over $40 million revenue run rate and month-to-month operational profitability, which both was achieved in the 2020 financial year.
Phase two is focused on driving the business towards a revenue run rate in excess of $80 million and delivering a positive net profit after tax (NPAT). This includes the potential expansion into the overseas markets with a focus on the Five Eyes nations — Australia, Canada, New Zealand, U.K. and the U.S.
Additionally, the company says it will continue to purchase assets that build the firm’s solutions in key markets, such as government, defence and critical infrastructure.
Tesserent has opened the market at 22.5 cents per share.