SYDNEY: 5G Networks Limited (5GN), a leading provider of cloud and network services, has announced the acquisition of Security Shift Pty Ltd, a cyber security and IT engineering company, for $4 million.
The deal will be funded from 5GN’s cash reserves and shares, and will enhance 5GN’s capabilities in delivering secure and compliant solutions to its customers.
Security Shift has over 25 years of experience in designing, implementing, and operating critical infrastructure systems for various nations, with a focus on public cloud, data centre, and Australian Government ISM compliance.
The company’s CEO, Mr Chris Wright, will join the 5GN executive team and continue to lead Security Shift’s operations.
5GN said the acquisition will allow it to expand its services to its large corporate customer base, which has shown a significant demand for its ‘Essential 8 audits’, a set of cyber security best practices recommended by the Australian Government.
Joe Demase, Managing Director of 5GN, commented,
“We certainly see the importance and growth in the security area, we are constantly asked to assist our larger managed IT clients and have been restricted in the past as to what we could provide, Chris and the team will enable 5GN to unlock a number of opportunities within our customer base. I am also excited for Chris to join the executive team give his experience across a number of technical disciplines in addition to his deep security experience”.