Tesserent boosts cyber capabilities with Loop Secure acquisition
Tesserent (TNT) has acquired Loop Secure, with the signing of a share purchase agreement executed between both parties on 18 August 2021. Headquartered in Sydney with offices in Melbourne and Brisbane, Loop Secure is an Australian cybersecurity firm providing managed security services, GRC and offensive security services. The firm operates a security operations centre in Melbourne, working with a range of international and domestic enterprises.
Loop Secure’s services and solution offering is a strategic addition to strengthen Tesserent’s Cyber 360 capabilities, with immediate synergies and opportunities to leverage its corporate relationships and skills within the TNT Group. TNT Chairman Geoff Lord said the addition of Loop Secure to the TNT Group will cement Tesserent’s position as a leading ASX-listed provider of cybersecurity solutions and services in ANZ, while contributing to the company’s annual turnover and adding significant recurring revenue to the Group.
Loop Secure has a strong operating record, with unaudited FY21 turnover of $18 million, delivering $2.25 million EBITDA. The last 12 months have continued to deliver strong growth, with Loop Secure being immediately earnings, cashflow and EPS accretive to the TNT Group. The consideration for the acquisition of Loop Secure will be a mix of cash and TNT shares, being $9 million in cash and $15.9 million in shares at a 14-day VWAP of $0.28. The cash opponent is paid $7 million on completion with the balance paid out over 12 months, which will be funded from existing cash reserves together with the earlier-announced Pure Finance facility.
Adam Davenport, Loop Secure Chairman, noted that the transaction provides Loop with immediate access to substantial resources and new opportunities, and will allow the company to continue its strong growth in the key cybersecurity domains of monitoring, consulting and solutions. “After more than 15 years as a leading cybersecurity firm, I am delighted Loop Secure will become part of the Tesserent Group,” said Davenport.
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