SYDNEY: Tesserent Limited (TNT) announced the launch of a Joint Venture Company jointly owned (50%/50%) with New Zealand-headquartered security firm, Optic Security Group, as well as the completion of the acquisition of Secure Cloud Services provider, iQ3.

The newly incorporated joint venture, Tesserent OpticSecurity Pty. Ltd. requiring no initial upfront investment, represents the first step of Tesserent’s planned expansion into New Zealand’s lucrative cybersecurity market.

Optic Security Group has annual turnover in excess of $100 million delivered from 10 locations in NZ and Australia and is focused on the convergence of physical and cybersecurity.

Tesserent will provide its Cyber 360 security capabilities to support Optic’s customers achieve their converged security outcomes.

Conversely, Optics deep expertise in protecting assets and physical infrastructure will be extended into the Tesserent portfolio of services.

Tesserent’s Chairman, Geoff Lord and leading industry figure Francis Galbally will be the founding Directors of the 50/50 joint venture.

Mr Galbally is also the Founder and Chairman of security encryption solution provider Senetas (ASX:SEN).

TNT Chairman, Geoff Lord, said: “I very much look forward to working with Francison a range of exciting opportunities both for Tesserent and Optic. This joint venture paves the way for our initial entry into the New Zealand market, a presence we intend to grow significantly, both organically and via acquisition”.

Tesserent also completed of the acquisition of Secure Cloud Services firm, iQ3. With the addition of iQ3’s $25 million turnover run rate and $3 million in earnings recognised from 1 November 2020, the Company now has a gross revenue run rate on an annualised monthly basis of circa $100 million.

As previously stated, Tesserent has the ambition to grow to in excess of $150 million in FY21 through continued organic growth and the completion of planned future acquisitions.

Tesserent provides full service, enterprise-grade Cyber Security and networking solutions targeted at mid-market, enterprise and government customers across Australia. The Company’s Cyber 360 strategy delivers integrated solutions covering identification, protection and 24/7 monitoring against Cyber Security threats.

With in excess of 220 security engineers, Tesserent has the capability to support organisations defend their digital assets against increasing risks and cyber-attacks. Tesserent has been transformed via the acquisition of several high-quality Cyber Security businesses including Pure Security, Rivium, North Security, Seer Security, Airloom, Ludus Security and iQ3, making it Australia’s largest listed dedicated Cyber Security firm. www.tesserent.com