SYDNEY: Australian-listed cybersecurity firm WhiteHawk Ltd (ASX: WHK) said on Monday it has agreed to acquire Quixxi Pty Ltd, a move that thrusts the company into the rapidly expanding global market for artificial intelligence governance, where spending is forecast to top $4.8 billion by 2034.
The all-share transaction, structured as a share sale agreement with Lakeba Group Ltd – a related party whose director Giuseppe Porcelli also serves as a non-executive director of WhiteHawk – will see WhiteHawk issue 250 million consideration shares and up to 250 million performance-based shares to complete the purchase.
Quixxi, developer of the Quixxi Clarity AI platform, helps organisations discover, monitor and manage AI systems across complex enterprise environments. The platform generated approximately A$575,000 in revenue during fiscal 2025 and already counts customers including Banco Nacional de Costa Rica, Banco Solidario, Ramco Systems and Kuwait’s Ministry of Health.
“Secure AI is the new frontier,” said Terry Roberts, Executive Chair of WhiteHawk, in a statement. “By acquiring Quixxi, we are extending our mission – helping organisations adopt and develop AI safely, with confidence, and with governance that stands up to the demands of customers, boards and regulators in the Age of Generative AI.”
**Regulatory tailwinds**
The acquisition positions WhiteHawk at the intersection of cybersecurity, data governance and AI risk management – a category expected to expand rapidly as enterprises deploy AI across increasingly complex technology environments and regulators tighten oversight.
Industry research cited by WhiteHawk projects the global AI governance market will grow from roughly US$309 million in 2025 to more than US$4.8 billion by 2034, representing a compound annual growth rate of approximately 35%. The European Union’s AI Act, which establishes binding governance and compliance requirements for AI systems, is accelerating demand for platforms capable of monitoring and managing AI risk.
The Quixxi Clarity AI platform provides automated discovery of AI models embedded within enterprise applications, model governance and lifecycle management, and tools for regulatory compliance.
**Related-party transaction with escrow**
Under the terms of the share sale agreement, Lakeba Group Ltd – owned by Giuseppe Porcelli – will receive 250 million consideration shares and up to 250 million performance shares split into two tranches: 100 million Class A performance shares tied to WhiteHawk achieving A$1 million in aggregate revenue within three years of completion, and 150 million Class B performance shares tied to A$2.5 million in revenue over the same period.
All consideration securities will be subject to a 12-month escrow period from the date of issue. The transaction requires shareholder approval and an independent expert report under Australian Corporations Act and ASX Listing Rules. The agreement can be terminated if the independent expert concludes the sale is not fair and reasonable.
**Integration and outlook**
WhiteHawk intends to integrate the Quixxi Clarity AI platform through a phased strategy, including a unified enterprise dashboard providing visibility across cybersecurity, data and AI systems. An AI Advisory Board led by Alfonso Porcelli will manage go-to-market and delivery.
Quixxi’s portfolio also includes two U.S. patent applications covering mobile application security and dynamic security assessment technologies, which WhiteHawk said will strengthen its proprietary technology position.
“AI and cybersecurity are now inseparable,” said Alfonso Porcelli, Director of Lakeba Group. “As organisations accelerate AI adoption, the need for secure, compliant and transparent governance frameworks has never been greater – and will only intensify as regulation and accountability mature.”
WhiteHawk said completion of the acquisition will be announced to the ASX in due course, subject to shareholder approval and satisfaction of customary conditions.